Office · New York, New York
3 Park Avenue
Public CMBS trusts hold $182.0M of the loan on 3 Park Avenue at 4.75% that reaches maturity on December 6, 2028, in 2 years and 1 month. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $182,000,000
- Original balance (same notes)
- $182,000,000
- Interest rate
- 4.75% fixed
- Originated
- November 30, 2018
- Maturity
- December 6, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- June 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred September 12, 2024, returned July 8, 2026
- Workout strategy
- Resolved
- Defeasance
- None reported
The property
- Address
- 3 Park Avenue, New York, NY 10016
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 667,446 sq ft
- Built
- 1977, renovated 2001
- Largest tenants
- HOUGHTON MIFFLIN; P KAUFMANN (2ND AMEND 5/1/13); Houghton Industries LLC
- Value at securitization
- $505.0M (Oct 2018)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.08x | 0.61x |
| Occupancy | 86% | 47% |
| Net operating income (annualized from 6 months) | $18.3M | $5.3M |
| Debt yield | 2.9% |
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 GS Mortgage Securities Trust 2019-GC38 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 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
On the cmbs.news watch list in all 12 monthly reports we hold (November 2025 to October 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 86% when the loan was securitized to 47%.
- Net operating income is 71% below the underwritten figure ($5.3M a year against $18.3M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.08x at securitization to 0.61x on the latest statements.
- At 0.61x, the property's reported NOI does not cover its debt service.
- The filing gives Dec 2027 as the lease end date for the largest tenant (HOUGHTON MIFFLIN), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $34.0M | Current | No | 0.61x | 47% |
| September 2026 | $182.0M | Current | No | 0.76x | 48% |
| August 2026 | $182.0M | Current | Yes | 0.76x | 48% |
| July 2026 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.76x | 48% |
| June 2026 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.76x | 48% |
| May 2026 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.76x | 48% |
| April 2026 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.76x | 48% |
| March 2026 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.81x | 47% |
| February 2026 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.81x | 47% |
| January 2026 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.67x | 51% |
| December 2025 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.67x | 51% |
| November 2025 | $182.0M | Late payment but less than 30 days delinquent | Yes | 0.67x | 51% |
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 September 12, 2024, returned to the master servicer July 8, 2026.
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 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2019-B9 MORTGAGE TRUST | 1 | $88,000,000 | Sep 2026 | SEC filing, September 30, 2026 |
| Benchmark 2019-B10 Mortgage Trust | 2 | $60,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| GS Mortgage Securities Trust 2019-GC38 | 8 | $34,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
Other New York-Newark-Jersey City loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One SoHo Square | New York, NY | Office | $469.0M | 2.725% | Aug 2028 | 1.78x | 85% | With the special servicer |
| 11 West 42nd Street | New York, NY | Office | $274.0M | 7.44% | Jul 2028 | 1.27x | 99% | Current |
| Harborside 2-3 | Jersey City, NJ | Office | $225.0M | 5.84% | Apr 2028 | 2.29x | 76% | Current |
| Gateway Center South | Brooklyn, NY | Retail | $162.5M | 6.873% | Jun 2028 | 1.69x | 98% | Current |
| 685 Fifth Avenue Retail | New York, NY | Retail | $160.0M | 3.871% | Jul 2028 | 3.13x | 100% | With the special servicer |
| 1745 Broadway | New York, NY | Office | $144.0M | 3.768% | Jun 2028 | 2.52x | 88% | Current |
| 65 Broadway, New York (2028 maturity), loan 4Sb in CF 2019-CF1 Mortgage Trust | New York, NY | Office | $136.0M | 4.935% | Dec 2028 | n/a | n/a | Current |
| 636 11th Avenue, New York (2028 maturity), loan 7 in Benchmark 2018-B4 Mortgage Trust | New York, NY | Office | $115.0M | 4.073% | Jun 2028 | 2.84x | n/a | Current |
All loans maturing in 2028 · All New York-Newark-Jersey City loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.