Office · New York, New York
Ditson Building
Ditson Building is financed with a $37.5M CMBS loan at 5.43% that reaches maturity on August 1, 2028, in 21 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $37,500,000
- Original balance (same notes)
- $37,500,000
- Interest rate
- 5.43% fixed
- Originated
- July 6, 2018
- Maturity
- August 1, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- March 31, 2028
- Master servicer
- Trimont LLC
- Originator
- Morgan Stanley Bank, N.A.
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred June 4, 2026
- Workout strategy
- Foreclosure
- Defeasance
- None reported
The property
- Address
- 8 East 34th Street, New York, NY 10016
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 58,850 sq ft
- Built
- 1907, renovated 2016
- Largest tenants
- RESEARCH FOUNDATION CUNY; MODERNUS WALLS LLC; VR WORLDWIDE, INC.
- Value at securitization
- $62.0M (Apr 2018)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.41x | 0.03x |
| Occupancy | 100% | 28% |
| Net operating income (annualized from 3 months) | $2.9M | $72K |
| Debt yield | 0.2% |
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 BANK 2018-BNK13 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 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
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to 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
- Occupancy has fallen from 100% when the loan was securitized to 28%.
- Net operating income is 98% below the underwritten figure ($72K a year against $2.9M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 1.41x at securitization to 0.03x on the latest statements.
- At 0.03x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $19.0M (July 31, 2026), against $62.0M at securitization.
- The filing gives Sep 2026 as the lease end date for the largest tenant (RESEARCH FOUNDATION CUNY), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $37.5M | 90+ days delinquent | Yes | 0.03x | 28% |
| August 2026 | $37.5M | 90+ days delinquent | Yes | 0.03x | 28% |
| July 2026 | $37.5M | 90+ days delinquent | Yes | 0.03x | 28% |
| June 2026 | $37.5M | 60-89 days delinquent | Yes | 0.03x | 28% |
| May 2026 | $37.5M | 30-59 days delinquent | No | 0.05x | 28% |
| April 2026 | $37.5M | Late payment but less than 30 days delinquent | No | 0.05x | 28% |
| March 2026 | $37.5M | Current | No | 0.11x | 28% |
| February 2026 | $37.5M | Current | No | 0.11x | 28% |
| January 2026 | $37.5M | Current | No | 0.11x | 28% |
| December 2025 | $37.5M | Current | No | 0.09x | 28% |
| November 2025 | $37.5M | Current | No | 0.09x | 28% |
| October 2025 | $37.5M | Current | No | 0.09x | 28% |
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 4, 2026, 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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2018-BNK13 | 11 | $37,500,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other New York-Newark-Jersey City loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One SoHo Square | New York, NY | Office | $469.0M | 2.725% | Aug 2028 | 1.78x | 85% | With the special servicer |
| 11 West 42nd Street | New York, NY | Office | $274.0M | 7.44% | Jul 2028 | 1.27x | 99% | Current |
| Harborside 2-3 | Jersey City, NJ | Office | $225.0M | 5.84% | Apr 2028 | 2.29x | 76% | Current |
| 3 Park Avenue | New York, NY | Office | $182.0M | 4.75% | Dec 2028 | 0.61x | 47% | Current |
| Gateway Center South | Brooklyn, NY | Retail | $162.5M | 6.873% | Jun 2028 | 1.69x | 98% | Current |
| 685 Fifth Avenue Retail | New York, NY | Retail | $160.0M | 3.871% | Jul 2028 | 3.13x | 100% | With the special servicer |
| 1745 Broadway | New York, NY | Office | $144.0M | 3.768% | Jun 2028 | 2.52x | 88% | Current |
| 65 Broadway, New York (2028 maturity), loan 4Sb in CF 2019-CF1 Mortgage Trust | New York, NY | Office | $136.0M | 4.935% | Dec 2028 | n/a | n/a | Current |
All loans maturing in 2028 · 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.