Office · New York, New York
225 & 233 Park Avenue South
Public CMBS trusts hold $235.0M of the loan on 225 & 233 Park Avenue South at 3.651% 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 current.
The loan
- Balance in tracked trusts
- $235,000,000
- Original balance (same notes)
- $235,000,000
- Interest rate
- 3.651% fixed
- Originated
- May 31, 2017
- Maturity
- June 6, 2027
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Barclays Bank PLC
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred March 20, 2024, returned August 12, 2025
- Workout strategy
- Resolved
- Modified
- Yes, most recently July 8, 2025
- Defeasance
- None reported
The property
- Address
- 225 & 233 Park Avenue South, New York, NY 10003
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 675,756 sq ft
- Built
- 1909, renovated 2017
- Largest tenants
- Monday Morning; T.ROWE PRICE INVESTMEN; PAS & Associates
- Value at securitization
- $750.0M (Apr 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 3.39x | -0.14x |
| Occupancy | 98% | 29% |
| Net operating income (annualized from 6 months) | $29.5M | $-1.2M |
| Debt yield | -0.5% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Wells Fargo Commercial Mortgage Trust 2017-C38 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
- Modified
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 98% when the loan was securitized to 29%.
- Net operating income is 104% below the underwritten figure ($-1.2M a year against $29.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 3.39x at securitization to -0.14x on the latest statements.
- At -0.14x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $235.0M | Current | No | -0.14x | 29% |
| August 2026 | $235.0M | Current | No | 0.27x | 35% |
| July 2026 | $235.0M | Current | No | 0.27x | 35% |
| June 2026 | $235.0M | Current | No | 0.27x | 35% |
| May 2026 | $235.0M | Current | No | 0.26x | 38% |
| April 2026 | $235.0M | Current | No | 0.26x | 38% |
| March 2026 | $235.0M | Current | No | 0.43x | 38% |
| February 2026 | $235.0M | Current | No | 0.43x | 38% |
| January 2026 | $235.0M | Current | No | 0.43x | 38% |
| December 2025 | $235.0M | Current | No | 0.49x | 40% |
| November 2025 | $235.0M | Current | No | 0.49x | 40% |
| October 2025 | $235.0M | Current | No | 0.49x | 40% |
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 March 20, 2024, returned to the master servicer August 12, 2025.
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
The loan is split into 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Wells Fargo Commercial Mortgage Trust 2017-C39 | 1 | $70,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2017-P8 | 1 | $60,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| Wells Fargo Commercial Mortgage Trust 2017-C40 | 1 | $60,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 | 6 | $45,000,000 | Sep 2026 | SEC filing, September 29, 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 |
| 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 |
| Park West Village | New York, NY | Multifamily | $187.5M | 4.65% | Aug 2027 | n/a | n/a | 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.