Office · New York, New York
57 East 11th Street
Public CMBS trusts hold $55.0M of the loan on 57 East 11th Street at 4.83% that reaches maturity on May 6, 2029, in 2 years and 6 months. As of the Sep 2026 and Oct 2026 servicer reports its status is with the special servicer and 60-89 days delinquent.
The loan
- Balance in tracked trusts
- $55,000,000
- Original balance (same notes)
- $55,000,000
- Interest rate
- 4.83% fixed
- Originated
- April 18, 2019
- Maturity
- May 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- August 5, 2021
- Prepayment premium ends
- December 5, 2028 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc.
Status
- Payment status
- 60-89 days delinquent (code 2)
- Special servicing
- Transferred February 6, 2024
- Workout strategy
- REO
- Modified
- Yes, most recently June 30, 2021
- Defeasance
- None reported
The property
- Address
- 57-59 East 11th Street, New York, NY 10003
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 64,460 sq ft
- Built
- 1903, renovated 2018
- Value at securitization
- $76.0M (Jan 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.63x | -0.38x |
| Occupancy | 100% | n/a |
| Net operating income (annualized from 6 months) | $4.4M | $-2.1M |
| Debt yield | -3.8% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the GS Mortgage Securities Trust 2019-GC39 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
- Modified
On the cmbs.news watch list in all 12 monthly reports we hold (November 2025 to October 2026).
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Net operating income is 148% below the underwritten figure ($-2.1M a year against $4.4M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.63x at securitization to -0.38x on the latest statements.
- At -0.38x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $32.9M (April 1, 2026), against $76.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $35.0M | 60-89 days delinquent | Yes | -0.38x | n/a |
| September 2026 | $55.0M | 90+ days delinquent | Yes | -0.38x | n/a |
| August 2026 | $55.0M | 90+ days delinquent | Yes | n/a | n/a |
| July 2026 | $55.0M | 90+ days delinquent | Yes | n/a | n/a |
| June 2026 | $55.0M | 90+ days delinquent | Yes | n/a | n/a |
| May 2026 | $55.0M | 90+ days delinquent | Yes | n/a | n/a |
| April 2026 | $55.0M | 90+ days delinquent | Yes | -0.09x | n/a |
| March 2026 | $55.0M | 90+ days delinquent | Yes | -0.40x | n/a |
| February 2026 | $55.0M | 90+ days delinquent | Yes | -0.40x | n/a |
| January 2026 | $55.0M | 90+ days delinquent | Yes | -0.40x | n/a |
| December 2025 | $55.0M | 60-89 days delinquent | Yes | -0.40x | n/a |
| November 2025 | $55.0M | 30-59 days delinquent | Yes | -0.40x | n/a |
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 February 6, 2024, 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
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-B11 Mortgage Trust | 20 | $20,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| GS Mortgage Securities Trust 2019-GC40 | 15 | $20,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
| GS Mortgage Securities Trust 2019-GC39 | 16 | $15,000,000 | Oct 2026 | SEC filing, October 22, 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 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.