- NYC has $5.9 billion in commercial mortgages, 274 loans, with stated maturities in the next 12 months, and Manhattan alone accounts for 79% of that volume.
- Office loans make up 39% of the coming-due volume at $2.3 billion, while multifamily leads by loan count with 107 loans spread across all four boroughs.
- Another 166 loans worth $2.5 billion have already passed maturity without being satisfied or discharged, and 13 coming-due loans already carry distress filings, signaling more refinancing stress ahead.
New York City is facing a loan maturity wall of $5.9 billion in commercial mortgages with stated maturities in the next 12 months, according to a new data brief from Circlemark. The debt-tracking firm, which indexes every mortgage recorded across NYC’s four boroughs, found that 274 loans of $1 million or more come due between September 2026 and September 2027, with Manhattan alone accounting for 79% of the volume.
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Reading the Record, Not a Model
Most maturity-wall estimates rely on models. Those models estimate when unrecorded debt comes due.
Circlemark takes a different approach. Its figures come from recorded mortgage documents and securitization disclosures in NYC’s ACRIS system.
The dataset covers 89,021 active liens across Manhattan, Brooklyn, Queens and the Bronx. That makes the $5.9 billion estimate a floor.
Another 7,445 active NYC loans of $1 million or more have no stated maturity date in any recorded document. As a result, the actual total is almost certainly higher.
The Details
Manhattan accounts for $4.68 billion of the coming-due volume. The total spans 169 loans.
Brooklyn follows with $709.9 million. Manhattan’s total is more than six times larger.
The median Manhattan loan facing maturity is $19.0 million. The median is $3.5 million in Brooklyn, $6.2 million in Queens and $5.2 million in the Bronx.
Office debt represents the largest property-type category. The group includes 52 loans worth $2.31 billion. That equals 39% of all coming-due debt.
Manhattan holds $1.90 billion of that office debt. Multifamily loans are more numerous. They include 107 loans across all four boroughs and total $1.09 billion.
Banks hold 152 of the 274 loans. Those loans total $2.30 billion. Debt funds hold another 40 loans worth $730 million.
The remaining loans belong to life companies, CMBS trusts and other non-bank lenders.
June 2027 stands out as the largest single maturity month. It accounts for $1.23 billion of the total. Nearly all of that debt comes from Manhattan loans, led by the notes on 245 Park Avenue.
Zooming Out
The pattern echoes a broader trend CRE Daily has tracked. Rising refinance risk remains concentrated in loans issued during the near-zero-rate era.
Nationally, the Mortgage Bankers Association expects $875 billion in commercial and multifamily debt to mature in 2026. NYC’s stated maturity wall represents a meaningful share of that total.
The figure does not include loans with no recorded maturity date. Adding those loans would make NYC’s share even larger.
Why It Matters
The bigger risk may involve debt that has already matured.
Circlemark counts 166 loans worth $2.48 billion that passed their stated maturity dates during the past year. The records still show no satisfaction or discharge.
Circlemark says most delinquency headlines miss this layer of debt. Trepp’s August 2026 data supports that concern. The data showed that loans past maturity accounted for 81% of newly delinquent CMBS balances.
Thirteen of the coming-due loans already carry a distress filing with the recorder. Together, those loans are worth $480.8 million.
The group includes financing tied to 111 Livingston Street in Brooklyn. It also includes CMBS-disclosed loans against 1384 Broadway and 85 Broad Street in Manhattan.
CRE Daily has previously reported on how office CMBS loans are driving much of this year’s maturity surge in the city. This new dataset reinforces that trend at the individual-loan level.
What’s Next
Circlemark says it re-verifies its dataset against public records each week. The firm also says every figure can be traced to a CRFN.
Office debt still accounts for $2.31 billion of the upcoming maturities. Multifamily debt adds another $1.09 billion. Both categories must clear before September 2027.
The next few quarters will show how owners respond. Some may refinance. Others may sell. More borrowers may let their loans move into the matured, still-open category.
The June 2027 spike deserves the closest attention. A handful of large Manhattan loans drive most of that month’s total.
A 24-month lookback produces an even larger concern. The matured, still-open category grows to 353 loans worth $6.04 billion.
That increase suggests the resolution gap could keep widening. Lenders and borrowers may struggle to close it quickly enough.
