In a sign that real estate lending has emerged from the ashes of the 1980s debacle, lenders lined up recently for a bite of the big Apple's biggest construction loan in nearly a decade.

Bank of New York Co. led and acted as agent for a $340 million loan to the Durst Organization to develop 4 Times Square-a 1.6-million-square-foot office development smack in the middle of what not so long ago was the most overbuilt market in the nation.

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