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New York & Tri-State  + Midtown New York  + Finance  | 

NYC’s the Hub for Looming Maturities in Office CMBS

A total of $40.47 billion of CMBS loans backed by office properties will reach maturity between now and the end of 2024, according to a Trepp/CompStak report. Given that it’s the nation’s largest office market, it’s not surprising that New York City is the epicenter of these looming maturities.  

Trepp data show that more than one-third of the maturities—$15.7 billion—are backed by properties in the New York metro area, including $12.7 billion in Manhattan alone.  

The New York area is also the hub for a subset of these CMBS deals: fixed-rate loans, which Trepp sees as especially challenged because they’re maturing during what could be the peak of the Federal Reserve’s current tightening cycle. “As a result, the loan interest rate will be considerably higher,” according to the report

New York also leads in another worrisome metric: lease rollover in Class A buildings built between 1960 and 1980. CompStak reported that 27.7% of New York leases rolling over in the next two years are in Class A properties of this vintage, which as a rule have experienced net effective rents below 2019 levels for three consecutive years. That percentage is above the 20% average for the top 11 metros covered in the report. 


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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).