Delinquencies fall for NYC-area CMBS loans

Aug.August 04, 2009 05:20 PM

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.

Related Articles

Almost 50,000 retail stores have closed across the country, and the restaurant industry has lost $25 billion in sales since March 1, (Credit: Getty Images)

US will see $20B in retail loans come due starting this week

Charles and Jared Kushner and 229 West 43rd Street (Credit: Getty Images and Google Maps) 

Pandemic may finally push Kushner Cos’ Times Square retail space into default

US Federal Reserve Chairman Jerome Powell (Credit: ERIC BARADAT/AFP via Getty Images)

Fed plans major commercial mortgage buyback

The Williamsburg Hotel at 96 Wythe Avenue and from top: Benefit Street Partners' managing director Micah Goodman, receiver Constantino Sagonas and Heritage Equity Partners’ Toby Moskovits (Credit: Google Maps)

Williamsburg Hotel dispute escalates as pandemic raises stakes

(Credit: iStock)

CMBS at a standstill as panic grips financial markets

From left: Steve Ross, Eliot Spitzer and a rendering of 451 10th Avenue; Eyal Ofer and 10 East 29th Street; Extell CEO Gary Barnett and JPMorgan’s Jamie Dimon with the Diamond District (Credit: Getty Images; Illustration by The Real Deal)

These were Manhattan’s largest real estate loans in February

Clockwise from the bottom left: The Eugene (435 West 31st Street), the Hudson Yards observation deck condominium and 555 Tenth Avenue (Credit: Google Maps)

West Side story: Manhattan’s largest January real estate loans

1633 Broadway, 55 Hudson Yards, and 650 Madison Avenue (Credit: Google Maps)

A pair of billion-dollar refis tops the list of Manhattan’s largest real estate loans in December