From left: 478 Third Avenue in Manhattan (source: PropertyShark) and 10 Metrotech Center in Brooklyn

The volume of delinquent commercial mortgage-backed securities in the U.S. rose to a staggering $61.4 billion last month, pegging the delinquency rate at a record-high 9.34 percent, according to a new report from real estate analytics firm Trepp. “While the rate continues to head higher, optimists can point to the fact that the rate of increase is significantly smaller than it was in the prior two months,” said Manus Clancy, managing director at Trepp. “Pessimists can counter that the jump comes despite the fact that new issues continue to make their way into the calculation and servicers continue to resolve troubled loans.”
After all but disappearing in the aftermath of the real estate crash, the CMBS market has already begun to rebound, with, by Trepp’s count, $12.7 billion in issues in 2010. Moody’s Investors Service recently projected that figure would rise to $37 billion this year. The Real Deal chronicled the reincarnation of the nation’s CMBS market in the January print magazine.

But in New York City, those fresh CMBS issues don’t appear to have made a dent in the delinquency rate yet. [more]

From left: 224 West 49th Street and 23-25 Arden Street (source: PropertyShark)

Commercial real estate investors may still feel some pain in 2011, according to a new report released today by Trepp. Nationwide, the rate of commercial mortgage-backed securities loans that are 30 or more days delinquent climbed to 9.2 percent in December, the highest ever recorded, according to Trepp. Manus Clancy, managing director of Trepp, said that the rocky nationwide delinquency rate was an indication of a rough road ahead in the commercial market.

“Many have speculated that… the commercial real estate crisis was nearing its final stages,” Clancy said. “The December delinquency rate underscored that there still may be some nasty surprises in store even as the market shows some signs of healing.”

Click here to see the high profile New York City CMBS loans that entered — and exited — Trepp’s trouble list. [more]

Riverton Apartments is at the top of the list of New York City’s commercial properties that are at least 60 days delinquent, by size of loan balance, according to data from commercial loan tracking firm Trepp updated through today. (See full list of delinquent properties — and zoom in on it — here, plus see a slide show of some of the properties above.) Laurence Gluck bought Riverton, the 12, 13-story buildings that lie between 135th and 138th streets and Fifth Avenue and Harlem River Drive, for $135 million in 2005, then refinanced the property with a $225 million mortgage. The foreclosure auction is set for March 11. Other large delinquent properties include Hampshire Hotels & Resorts’ Dream Hotel at 210 West 55th Street, with a loan balance of $100 million, and Time Hotel at 224 West 49th Street, also owned by an affiliate of Hampshire Hotels & Resorts, with a balance of $55 million. Also included on the list are the Meyberry House at 220 East 63rd Street with a $90 million loan balance and and the Core Club retail condominium at 60 East 55th Street, with an $18 million balance. The Real Deal looked at commercial properties that were 90 or more days delinquent in its 2010 Data Book. TRD [more]