Retail · New York, New York
Gem Tower
Public CMBS trusts hold $40.0M of the loan on Gem Tower at 3.388% that reaches its anticipated repayment date on December 6, 2031, in 5 years and 1 month. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $40,000,000
- Original balance (same notes)
- $165,084,000
- Interest rate
- 3.388% fixed
- Originated
- December 2, 2021
- Maturity
- December 6, 2031
- Anticipated repayment date
- December 6, 2031 (the rate steps up if the loan is not repaid by then)
- Payments
- Interest only for 116 months, then amortizing
- Master servicer
- KeyBank Real Estate Capital
- Originator
- GSBI
Status
- Payment status
- Not reported
- Special servicing
- No transfer reported
- Defeasance
- Partly defeased
The property
- Address
- 44 West 47th Street, New York, NY 10036
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 7,346 sq ft
- Built
- 2009
- Largest tenants
- Eddies Best Jewlery; City's Property Development Co; The Laser Booth Corp.
- Value at securitization
- $73.4M (Oct 2021)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | n/a | 2.79x |
| Occupancy | 100% | 100% |
| Net operating income | n/a | $3.8M |
| Debt yield | 9.6% |
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 BENCHMARK 2022-B35 MORTGAGE TRUST filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 filing gives Jul 2029 as the lease end date for the largest tenant (Eddies Best Jewlery), 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 | $40.0M | Not reported | No | 2.79x | 100% |
| August 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| July 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| June 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| May 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| April 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| March 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| February 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| January 2026 | $40.0M | Not reported | No | 2.79x | 100% |
| December 2025 | $40.0M | Not reported | No | 2.79x | 100% |
| November 2025 | $40.0M | Not reported | No | 2.81x | 100% |
| October 2025 | $40.0M | Not reported | No | 1.41x | 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
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2022-B34 Mortgage Trust | 11 | $28,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BENCHMARK 2022-B35 MORTGAGE TRUST | 26A | $10,050,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BENCHMARK 2022-B35 MORTGAGE TRUST | 26B | $1,950,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other New York-Newark-Jersey City loans due in 2031
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 375 Pearl Street | New York, NY | Office | $220.0M | 3.368% | Jun 2031 | 2.15x | 100% | Current |
| Park Avenue Plaza | New York, NY | Office | $180.0M | 2.837% | Nov 2031 | 3.70x | 100% | Current |
| 535-545 Fifth Avenue | New York, NY | Mixed use | $179.6M | 7.06% | Jan 2031 | n/a | n/a | Current |
| 15 West 47th Street | New York, NY | Office | $141.0M | 3.51% | Jan 2031 | n/a | n/a | Current |
| 2 Washington Street | New York, NY | Multifamily | $131.5M | 3.45% | Aug 2031 | n/a | n/a | With the special servicer and 90+ days delinquent |
| 535 & 545 5th Avenue | New York, NY | Mixed use | $129.7M | 7.06% | Jan 2031 | n/a | n/a | Current |
| 1 Willoughby Square | Brooklyn, NY | Office | $125.0M | 6.786% | Jan 2031 | 0.97x | 91% | Current |
| The Arches | Bronx, NY | Other | $120.0M | 5.436% | Feb 2031 | n/a | n/a | Current |
All loans maturing in 2031 · 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.