Retail · New York, New York
935 Madison Avenue
935 Madison Avenue is financed with a $70.0M CMBS loan at 4.617% that reaches maturity on February 6, 2027, in 3 months. As of the Oct 2026 servicer report its status is current.
The loan
- Balance in tracked trusts
- $70,000,000
- Original balance (same notes)
- $70,000,000
- Interest rate
- 4.617% fixed
- Originated
- January 19, 2017
- Maturity
- February 6, 2027
- Payments
- Interest only for the full term
- Prepayment lockout ended
- April 5, 2019
- Originator
- GSMC
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 935 Madison Avenue, New York, NY 10021
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 13,477 sq ft
- Built
- 1876, renovated 2016
- Largest tenants
- Nespresso; KZU LLC; Irene Neuwirth(sublease tenant of Moynat)
- Value at securitization
- $145.1M (Dec 2016)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.49x | 0.97x |
| Occupancy | 77% | 59% |
| Net operating income (annualized from 6 months) | $4.9M | $6.4M |
| Debt yield | 9.1% |
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 2017-GS5 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 2026.
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- Matures within 12 months
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since 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 77% when the loan was securitized to 59%.
- Net operating income is 31% above the underwritten figure ($6.4M a year against $4.9M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.49x at securitization to 0.97x on the latest statements.
- At 0.97x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $70.0M | Current | No | 0.97x | 59% |
| September 2026 | $70.0M | Current | No | 1.53x | 100% |
| August 2026 | $70.0M | Current | No | 1.53x | 100% |
| July 2026 | $70.0M | Current | No | 1.53x | 100% |
| June 2026 | $70.0M | Current | No | 1.53x | 100% |
| May 2026 | $70.0M | Current | No | n/a | n/a |
| April 2026 | $70.0M | Current | No | 1.94x | 100% |
| March 2026 | $70.0M | Current | No | 1.94x | 100% |
| February 2026 | $70.0M | Current | No | 2.08x | 100% |
| January 2026 | $70.0M | Current | No | 2.08x | 100% |
| December 2025 | $70.0M | Current | No | 1.97x | 100% |
| November 2025 | $70.0M | Current | No | 1.97x | 100% |
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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| GS Mortgage Securities Trust 2017-GS5 | 5 | $70,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
Other New York-Newark-Jersey City loans due in 2027
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| General Motors Building | New York, NY | Mixed use | $726.3M | 3.43% | Jun 2027 | 2.58x | 99% | Current |
| 245 Park Avenue | New York, NY | Office | $700.0M | 3.669% | Jun 2027 | 2.08x | 97% | Current |
| Yorkshire Towers | New York, NY | Multifamily | $318.0M | 3.04% | Jun 2027 | n/a | n/a | Current |
| Olympic Tower | New York, NY | Mixed use | $280.0M | 3.954% | May 2027 | n/a | n/a | Current |
| 85 Broad Street | New York, NY | Office | $241.0M | 3.693% | Jun 2027 | 2.28x | 62% | With the special servicer |
| 225 & 233 Park Avenue South | New York, NY | Office | $235.0M | 3.651% | Jun 2027 | -0.14x | 29% | Current |
| Worldwide Plaza | New York, NY | Office | $235.0M | 3.605% | Nov 2027 | 1.49x | 62% | With the special servicer and 90+ days delinquent |
| 237 Park Avenue | New York, NY | Office | $215.4M | 3.752% | Aug 2027 | 3.71x | 89% | Current |
All loans maturing in 2027 · 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 October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.