Multifamily · Brooklyn, New York
88 North 1st Street
88 North 1st Street is financed with a $43.2M CMBS loan at 6.31% that reaches maturity on October 6, 2029, in 2 years and 11 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is delinquent: 30-59 days delinquent.
The loan
- Balance in tracked trusts
- $43,200,000
- Original balance (same notes)
- $43,200,000
- Interest rate
- 6.31% fixed
- Originated
- October 2, 2024
- Maturity
- October 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- May 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- Starwood Mortgage Capital LLC
Status
- Payment status
- 30-59 days delinquent (code 1)
- Special servicing
- Transferred June 6, 2025, returned April 3, 2026
- Workout strategy
- Resolved
- Modified
- Yes, most recently December 19, 2025
- Defeasance
- None reported
The property
- Address
- 88 North 1st Street, Brooklyn, NY 11249
- Metro
- New York-Newark-Jersey City, NY-NJ
- Units, rooms or beds
- 46
- Built
- 2024
- Value at securitization
- $66.4M (Sep 2024)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.25x | 1.26x |
| Occupancy | 100% | 100% |
| Net operating income (annualized from 3 months) | $3.5M | $3.5M |
| Debt yield | 8.2% |
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 BMO 2024-5C7 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
- 30+ days delinquent or matured unpaid
- Modified
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
- The most recent valuation in the filing is $60.9M (July 29, 2025), against $66.4M at securitization.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $43.2M | 30-59 days delinquent | No | 1.26x | 100% |
| August 2026 | $43.2M | Late payment but less than 30 days delinquent | No | 1.26x | 100% |
| July 2026 | $43.2M | 30-59 days delinquent | No | 1.26x | 100% |
| June 2026 | $43.2M | Late payment but less than 30 days delinquent | No | 1.26x | 100% |
| May 2026 | $43.2M | Current | No | 1.26x | 100% |
| April 2026 | $43.2M | Current | No | 1.29x | 100% |
| March 2026 | $43.2M | Current | Yes | n/a | n/a |
| February 2026 | $43.2M | Current | Yes | n/a | n/a |
| January 2026 | $43.2M | Current | Yes | n/a | n/a |
| December 2025 | $43.2M | 90+ days delinquent | Yes | n/a | n/a |
| November 2025 | $43.2M | 90+ days delinquent | Yes | n/a | n/a |
| October 2025 | $43.2M | 90+ days delinquent | Yes | n/a | 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 June 6, 2025, returned to the master servicer April 3, 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BMO 2024-5C7 Mortgage Trust | 11 | $43,200,000 | Sep 2026 | SEC filing, October 2, 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 period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.