Mixed use · New York, New York
1566 Third Avenue
1566 Third Avenue is financed with a $6.0M CMBS loan at 4.32% that reaches maturity on June 6, 2027, in 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $6,000,000
- Original balance (same notes)
- $6,000,000
- Interest rate
- 4.32% fixed
- Originated
- May 25, 2017
- Maturity
- June 6, 2027
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred March 26, 2026
- Workout strategy
- Foreclosure
- Modified
- Yes, most recently February 16, 2021
- Defeasance
- None reported
The property
- Address
- 1566 Third Avenue, New York, NY 10128
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 6,316 sq ft
- Built
- 1920
- Largest tenants
- BLUEMERCURY, INC.
- Value at securitization
- $14.8M (Mar 2017)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.08x | -0.26x |
| Occupancy | 100% | 21% |
| Net operating income (annualized from 3 months) | $546K | $-69K |
| Debt yield | -1.1% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the CD 2017-CD5 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 30, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
- Modified
On the cmbs.news watch list in every report since March 2026.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 100% when the loan was securitized to 21%.
- Net operating income is 113% below the underwritten figure ($-69K a year against $546K; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.08x at securitization to -0.26x on the latest statements.
- At -0.26x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $7.5M (November 17, 2020), against $14.8M at securitization.
- The filing gives Jan 2026 as the lease end date for the largest tenant (BLUEMERCURY, INC.), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $6.0M | 90+ days delinquent | Yes | -0.26x | 21% |
| August 2026 | $6.0M | 90+ days delinquent | Yes | -0.26x | 21% |
| July 2026 | $6.0M | 60-89 days delinquent | Yes | 1.51x | 22% |
| June 2026 | $6.0M | 30-59 days delinquent | Yes | 1.51x | 22% |
| May 2026 | $6.0M | 30-59 days delinquent | Yes | 1.51x | 22% |
| April 2026 | $6.0M | 60-89 days delinquent | Yes | 1.51x | 22% |
| March 2026 | $6.0M | 30-59 days delinquent | No | 1.51x | 22% |
| February 2026 | $6.0M | Late payment but less than 30 days delinquent | No | 1.51x | 22% |
| January 2026 | $6.0M | Current | No | 1.51x | 22% |
| December 2025 | $6.0M | Current | No | 1.51x | 22% |
| November 2025 | $6.0M | Current | No | 1.45x | 22% |
| October 2025 | $6.0M | Current | No | 1.45x | 22% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Special-servicing history
- Transferred to the special servicer June 10, 2020, returned to the master servicer May 6, 2021.
- Transferred to the special servicer March 26, 2026, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| CD 2017-CD5 MORTGAGE TRUST | 39 | $6,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
Other New York-Newark-Jersey City loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| General Motors Building | New York, NY | Mixed use | $726.3M | 3.43% | Jun 2027 | 2.58x | 99% | Current |
| 245 Park Avenue | New York, NY | Office | $700.0M | 3.669% | Jun 2027 | 2.08x | 97% | Current |
| Yorkshire Towers | New York, NY | Multifamily | $318.0M | 3.04% | Jun 2027 | n/a | n/a | Current |
| Olympic Tower | New York, NY | Mixed use | $280.0M | 3.954% | May 2027 | n/a | n/a | Current |
| 85 Broad Street | New York, NY | Office | $241.0M | 3.693% | Jun 2027 | 2.28x | 62% | With the special servicer |
| 225 & 233 Park Avenue South | New York, NY | Office | $235.0M | 3.651% | Jun 2027 | -0.14x | 29% | Current |
| Worldwide Plaza | New York, NY | Office | $235.0M | 3.605% | Nov 2027 | 1.49x | 62% | With the special servicer and 90+ days delinquent |
| 237 Park Avenue | New York, NY | Office | $215.4M | 3.752% | Aug 2027 | 3.71x | 89% | Current |
All loans maturing in 2027 · All New York-Newark-Jersey City loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.