NYC's 2026 maturity wall, borough by borough: $5.9B stated, $2.5B already past due

The CRE maturity wall gets national numbers — the MBA counts $875 billion of commercial and multifamily mortgages maturing in 2026. This brief is the New York City slice of that wall, counted the hard way: loan by loan, from the recorded documents, per borough.

Everything below covers active loans of $1 million or more in the four ACRIS boroughs whose maturity date is stated — read off the scanned instrument or taken from securitization disclosure (ABS‑EE). No modelled dates, no estimates. Counts are as of September 8, 2026; the record is re-read weekly. Every number traces to a CRFN except where marked ABS‑EE.

The wall: stated maturities, next 12 months

Manhattan holds 79% of the dollars, and its median coming-due loan is $19.0M against Brooklyn's $3.5M — the borough story is concentration, not just count.

The wall is not flat. June 2027 alone carries $1.23B of Manhattan stated maturities, led by the 245 Park Avenue notes; August 2027 adds another $709M citywide.

What's coming due, by property type

Office is the money: 52 loans, $2.31B — 39% of everything coming due — and $1.90B of it is Manhattan. Multifamily is the volume: 107 loans, the most of any type, spread across all four boroughs. By lender, banks hold 152 of the 274 loans ($2.30B) and debt funds 40 ($0.73B); the rest sit with life companies, CMBS trusts and other non-bank lenders. Which institutions those are, counted over three years of recordings rather than one maturity window, is its own ranking.

The layer underneath: matured, still open

These loans passed their recorded maturity date in the last 12 months and show no satisfaction or discharge — the lien is still active on the record.

Multifamily leads by count (68 loans, $492.1M); office leads by dollars (30 loans, $940.5M). Twelve of the office loans are Manhattan properties over $5M. Widen the lookback to 24 months and the layer grows to 353 loans, $6.04B — matured, nothing filed since.

Read this layer honestly. "Open on the record" is the recorder's truth, not proof of default: some of these loans were paid off or refinanced and the satisfaction was never recorded, or is still in the recording queue. That gap is part of the story — the public record both overstates and understates how much matured debt is resolved until lifecycle documents are matched loan by loan. Each of these 166 remains a live lien of record until a discharge is filed.

Distress meets the wall

Of the 274 loans coming due in the next 12 months, 13 ($480.8M) already carry a recorder-side distress signal — pre-foreclosure activity filed against the collateral before the loan even matures. Manhattan accounts for 10 of them ($370.5M). Both Brooklyn entries are pieces of the same financing on 111 Livingston Street ($96.0M). Queens has none. Notable names, from CMBS disclosure (ABS‑EE): 1384 Broadway ($88.0M, due January 2027) and 85 Broad Street ($34.0M, due June 2027).

Six loans you can check

Every figure in this brief aggregates rows like these — each traced to a recorded document.

Methodology

• Source. NYC ACRIS (Manhattan, Brooklyn, Queens, Bronx), ingested in full and re-read weekly. Satisfactions, assignments, consolidations and modifications are matched back to the original loan by CRFN, so a satisfied or superseded loan never counts as active. Circlemark currently indexes 109,299 NYC commercial loans, 89,021 with an active lien.
• Maturity dates. ACRIS records no maturity field. Dates here are read from the scanned instrument or taken from securitization disclosure (ABS‑EE); only stated dates are counted. A further 7,445 active NYC loans ≥$1M have no stated maturity on any recorded document — term models place many inside the same window, but estimates are excluded throughout. The $5.90B is a floor.
• Unit of count. Loans, counted once each: a blanket loan recorded against several properties is one loan here.
• Floor and windows. Original principal ≥ $1,000,000. "Next 12 months" = stated maturity Sep 8, 2026 – Sep 7, 2027; "matured, still open" = stated maturity Sep 8, 2025 – Sep 7, 2026, active lien, no satisfaction or discharge recorded.
• Verification. Any row can be pulled live through Circlemark or checked against the underlying record by CRFN. Our full extraction and verification pipeline is described in how we monitor NYC commercial mortgage maturities.

CRE Daily covered this brief on September 9, 2026 ("NYC's CRE Loan Maturity Wall Tops $5.9B, Led by Manhattan"), using Circlemark's figures unchanged; Yahoo Finance syndicated its article.