Mixed use · New York, New York
681 Fifth Avenue
Public CMBS trusts hold $135.0M of the loan on 681 Fifth Avenue at 4.127% that reaches maturity on November 6, 2026, this month. As of the Sep 2026 and Oct 2026 servicer reports its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $135,000,000
- Original balance (same notes)
- $135,000,000
- Interest rate
- 4.127% fixed
- Originated
- November 4, 2016
- Maturity
- November 6, 2026
- Payments
- Interest only for the full term
- Prepayment lockout ended
- March 5, 2019
- Prepayment premium ends
- August 5, 2026
- Master servicer
- Midland
- Originator
- CGMRC, UBS
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred September 6, 2023
- Workout strategy
- REO
- Modified
- Yes, most recently July 2, 2020
- Advancing
- The servicer has stopped advancing on this loan (non-recoverable)
- Defeasance
- None reported
The property
- Address
- 681 Fifth Avenue, New York, NY 10022
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 82,573 sq ft
- Built
- 1913, renovated 2009
- Largest tenants
- Kiton Corporation; Metropole Realty Advisors, Inc.; Vera Bradley Sales, LLC
- Value at securitization
- $440.0M (Oct 2016)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.73x | 0.16x |
| Occupancy | 91% | 66% |
| Net operating income (annualized from 3 months) | $15.6M | $1.5M |
| Debt yield | 1.1% |
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 CD 2017-CD3 Mortgage Trust 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
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
- Matures within 12 months
- Modified
- Servicer stopped advancing
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 91% when the loan was securitized to 66%.
- Net operating income is 91% below the underwritten figure ($1.5M a year against $15.6M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.73x at securitization to 0.16x on the latest statements.
- At 0.16x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $120.0M (July 22, 2026), against $440.0M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $62.5M | 90+ days delinquent | Yes | 0.16x | 66% |
| September 2026 | $135.0M | 90+ days delinquent | Yes | 0.16x | 66% |
| August 2026 | $135.0M | 90+ days delinquent | Yes | 0.16x | 66% |
| July 2026 | $135.0M | 90+ days delinquent | Yes | 0.16x | 66% |
| June 2026 | $135.0M | 90+ days delinquent | Yes | 0.16x | 66% |
| May 2026 | $135.0M | 90+ days delinquent | Yes | 0.04x | 66% |
| April 2026 | $135.0M | 90+ days delinquent | Yes | 0.11x | 52% |
| March 2026 | $135.0M | 90+ days delinquent | Yes | 0.11x | 52% |
| February 2026 | $135.0M | 90+ days delinquent | Yes | 0.04x | 52% |
| January 2026 | $135.0M | 90+ days delinquent | Yes | 0.04x | 52% |
| December 2025 | $135.0M | 90+ days delinquent | Yes | 0.04x | 52% |
| November 2025 | $135.0M | 90+ days delinquent | Yes | 0.11x | 52% |
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 6, 2023, 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 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P6 | 2 | $57,500,000 | Sep 2026 | SEC filing, September 25, 2026 |
| CFCRE 2016-C7 Mortgage Trust | 6 | $34,000,000 | Oct 2026 | SEC filing, October 21, 2026 |
| CD 2017-CD3 Mortgage Trust | 17 | $28,500,000 | Oct 2026 | SEC filing, October 22, 2026 |
| CSMC 2016-NXSR Commercial Mortgage Trust | 13 | $15,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other New York-Newark-Jersey City loans due in 2026
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Novo Nordisk HQ | Plainsboro, NJ | Office | $210.7M | 2.838% | Nov 2026 | 4.18x | 78% | Current |
| The Essex | New York, NY | Mixed use | $117.0M | 2.759% | Nov 2026 | n/a | n/a | Current |
| 8 Times Square & 1460 Broadway | New York, NY | Mixed use | $100.0M | 4.05% | Nov 2026 | 2.01x | 100% | With the special servicer |
| 85 Tenth Avenue | New York, NY | Mixed use | $100.0M | 3.821% | Dec 2026 | 1.91x | 89% | With the special servicer |
| 55 Prospect Street, Brooklyn (2026 maturity) | Brooklyn, NY | Office | $72.9M | 4.05% | Sep 2026 | n/a | n/a | With the special servicer |
| 101 Ludlow | New York, NY | Mixed use | $71.0M | 4.412% | Nov 2026 | 1.81x | 100% | Current |
| 20 Times Square, New York (2026 maturity), loan 1 in CSAIL 2018-CX12 Commercial Mortgage Trust | New York, NY | Other | $64.7M | 3.108% | May 2026 | 4.15x | n/a | With the special servicer |
| 20 Times Square, New York (2026 maturity), loan 1 in UBS Commercial Mortgage Trust 2018-C11 | New York, NY | Mixed use | $64.7M | 3.108% | May 2026 | n/a | n/a | With the special servicer |
All loans maturing in 2026 · 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, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.