Retail · Brooklyn, New York
497-505 Fulton Street
Public CMBS trusts hold $85.0M of the loan on 497-505 Fulton Street at 3.53% that reaches maturity on July 6, 2029, in 2 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $85,000,000
- Original balance (same notes)
- $85,000,000
- Interest rate
- 3.53% fixed
- Originated
- July 3, 2019
- Maturity
- July 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- April 5, 2029
- Master servicer
- Midland (CGCMT 2019-GC41)
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 497-505 Fulton Street a/k/a 401-419 Bridge St and 234-248 Duffield St, Brooklyn, NY 11218
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 114,209 sq ft
- Built
- 1890, renovated 2013
- Largest tenants
- OLD NAVY, LLC; H/M HENNNES AND MAURITZ LP
- Value at securitization
- $175.0M (Jun 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.78x | 0.75x |
| Occupancy | 100% | 39% |
| Net operating income (annualized from 6 months) | $8.4M | $4.6M |
| Debt yield | 5.4% |
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 2019-CD8 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 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 every report since 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 100% when the loan was securitized to 39%.
- Net operating income is 46% below the underwritten figure ($4.6M a year against $8.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.78x at securitization to 0.75x on the latest statements.
- At 0.75x, the property's reported NOI does not cover its debt service.
- The filing gives Jun 2026 as the lease end date for the largest tenant (OLD NAVY, LLC), 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 | $85.0M | Current | No | 0.75x | 39% |
| August 2026 | $85.0M | Current | No | 1.00x | 39% |
| July 2026 | $85.0M | Current | No | 1.00x | 39% |
| June 2026 | $85.0M | Current | No | 1.00x | 39% |
| May 2026 | $85.0M | Current | No | n/a | n/a |
| April 2026 | $85.0M | Current | No | 1.44x | 39% |
| March 2026 | $85.0M | Current | No | 1.44x | 39% |
| February 2026 | $85.0M | Current | No | 1.44x | 39% |
| January 2026 | $85.0M | Current | No | 1.44x | 39% |
| December 2025 | $85.0M | Current | No | 1.44x | 39% |
| November 2025 | $85.0M | Current | No | 1.84x | 100% |
| October 2025 | $85.0M | Current | No | 1.84x | 39% |
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.
Where the loan sits
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-GC41 | 14 | $45,000,000 | Sep 2026 | SEC filing, September 25, 2026 |
| CD 2019-CD8 Mortgage Trust | 7 | $40,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other New York-Newark-Jersey City loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1633 Broadway | New York, NY | Office | $780.0M | 2.99% | Dec 2029 | 2.87x | 76% | Current |
| 650 Madison Avenue | New York, NY | Mixed use | $545.8M | 3.486% | Dec 2029 | 1.25x | 62% | Current |
| Queens Center | Elmhurst, NY | Retail | $510.0M | 5.37% | Nov 2029 | 1.94x | 93% | Current |
| 3 Columbus Circle | New York, NY | Mixed use | $490.0M | 3.914% | Mar 2029 | 2.80x | 90% | Current |
| 30 Hudson Yards | New York, NY | Office | $422.0M | 3.11% | Jul 2029 | n/a | n/a | Current |
| 55 Hudson Yards | New York, NY | Office | $371.7M | 2.95% | Dec 2029 | n/a | n/a | Current |
| Gateway Center North | Brooklyn, NY | Retail | $300.0M | 6.827% | Nov 2029 | n/a | n/a | Current |
| 640 5th Avenue | New York, NY | Mixed use | $288.6M | 6.129% | Jul 2029 | 2.35x | 90% | Current |
All loans maturing in 2029 · 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 8, 2026, September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.