The dollar value of securitized commercial loans 30 days or more delinquent in the greater New York City metropolitan area fell 17 percent in July compared to a month earlier, a new report by commercial mortgage research firm Trepp said.
There were 92 delinquent loans with a total value of $1.4 billion in July in the region, compared with 101 loans with a total value of $1.7 billion in June, the data shows.
Nationwide, the percentage of delinquent CMBS loans was 3.7 percent, down from 4 percent in June, but up sharply from the rate of 1.4 percent seen seen six months ago, Trepp figures show.
A $47 million Manhattan mortgage on the Soho office building at 625 Broadway that was listed as 60 days delinquent last month is now in foreclosure proceedings, the information showed. It was ranked the ninth largest delinquent office loan in the country.
Despite the improvement seen last month both regionally and nationally, the report said it expected the number of loans in the U.S. that were delinquent or being managed by a special loan servicer to double. Big loans were predicted to be affected the most, experts said.
“Large loans continue to find it harder to refinance than small loans,” the report said.
The 23-county New York metro area includes New York City and its suburbs in New York, New Jersey and parts of Pennsylvania.