Upcoming Stories
New York & Tri-State CRE News In Your Inbox .

national   /   December 9, 2020

Paul Bubny
By: Paul Bubny

Trepp, CompStak See Rising Distress in Manhattan Retail

The pressures being exerted on Manhattan retail by the COVID-19 pandemic are manifesting in securitizations backed by retail properties, say Trepp and CompStak in a new report.

“Signs of increased distress have been reflected in CMBS loans backed by Manhattan retail through rising delinquencies, reduced occupancy rates, and lower appraised value assignments, making this a segment that warrants close monitoring,” said Catherine Liu, report co-author and Trepp associate manager of research.

Overall, retail properties in Manhattan serve as collateral for 130 CMBS loans with an outstanding balance of $5 billion.

Distress rates for retail CMBS loans secured by Manhattan retail have climbed notably since the start of the coronavirus pandemic in March, Trepp and CompStak reported.

Delinquency and special servicing rates for Manhattan retail climbed to an all-time high of 16.78% and 17.55% in August, respectively, as compared to historical peak levels of 3.71% and 4.39% prior to this year.

Inside The Story
About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author

New call-to-action
New call-to-action
New call-to-action
© ConnectCRE 2021 / 515 S Figueroa St., Suite 350, Los Angeles, CA 90071.
Contact Us / Policies, Privacy & DisclosuresSubmit Press Release /