Mixed use · New York, New York
650 Madison Avenue
Public CMBS trusts hold $545.8M of the loan on 650 Madison Avenue at 3.486% that reaches maturity on December 8, 2029, in 3 years and 1 month. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $545,800,000
- Original balance (same notes)
- $545,800,000
- Interest rate
- 3.486% fixed
- Originated
- November 26, 2019
- Maturity
- December 8, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- June 7, 2029
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc., Goldman Sachs Bank USA, Barclays Capital Real Estate Inc., BMO Harris Bank N.A.
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred September 17, 2025, returned December 17, 2025
- Workout strategy
- Resolved
- Defeasance
- None reported
The property
- Address
- 650 Madison Avenue, New York, NY 10022
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 600,415 sq ft
- Built
- 1957, renovated 2015
- Largest tenants
- Ralph Lauren Corporation; BC Partners Inc.; willelt Advisors LLC
- Value at securitization
- $1.2B (Oct 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.82x | 1.25x |
| Occupancy | 97% | 62% |
| Net operating income | $58.4M | $27.8M |
| Debt yield | 5.1% |
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 GS Mortgage Securities Trust 2020-GC45 filing for the reporting period ending October 9, 2026, filed with the SEC October 22, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
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 97% when the loan was securitized to 62%.
- Net operating income is 52% below the underwritten figure ($27.8M a year against $58.4M).
- Debt service coverage moved from 2.82x at securitization to 1.25x on the latest statements.
- The most recent valuation in the filing is $950.0M (October 1, 2025), against $1.2B at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $101.5M | Current | No | 1.25x | 62% |
| September 2026 | $545.8M | Late payment but less than 30 days delinquent | No | 1.01x | 61% |
| August 2026 | $545.8M | Current | No | 1.01x | 61% |
| July 2026 | $545.8M | Current | No | 1.01x | 62% |
| June 2026 | $545.8M | Current | No | 0.97x | 62% |
| May 2026 | $545.8M | Current | No | 1.10x | 81% |
| April 2026 | $545.8M | Current | No | 1.22x | 74% |
| March 2026 | $545.8M | Payment not received but still in grace period or not yet due | No | 1.22x | 74% |
| February 2026 | $545.8M | Payment not received but still in grace period or not yet due | Yes | 1.10x | 74% |
| January 2026 | $545.8M | Late payment but less than 30 days delinquent | Yes | 1.10x | 74% |
| December 2025 | $545.8M | Late payment but less than 30 days delinquent | Yes | 1.10x | 74% |
| November 2025 | $545.8M | Late payment but less than 30 days delinquent | Yes | 1.10x | 74% |
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 17, 2025, returned to the master servicer December 17, 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 14 notes held by different trusts. Each trust reports its own piece.
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 |
| 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 |
| Bay Plaza Community Center | Bronx, NY | Mixed use | $280.0M | 6.13% | Oct 2029 | 1.51x | 84% | 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 8, 2026, October 9, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.