THE OFFICE SECTOR ONCE AGAIN DOMINATED THE LIST OF THE TOP CMBS loans issued in 2019. The largest was a $950 million loan issued to 1 Bryant Park. Bank of America led a $1.6 billion re- financing of 1 Bryant Park, also known as the Bank of America Building, in a single-asset, single-borrower CMBS transaction. The bank occupies 78 percent of the 2.4 million-square-foot office tower and owns a 49.99 percent stake in the building in partner- ship with the Durst Organization — although most of the ground underneath is owned by the Empire State Development Corpora- tion. The new financing consists of a $950 million CMBS loan and a $650 million Liberty Bonds loan.
TOP NEW YORK CITY REAL ESTATE DELIQUENCIES IN 2019