KBRA Monitoring One New York Plaza Trust 2020-1NYP Loan Modification

The CMBS loan secured by One New York Plaza was transferred to special servicing and then modified with a reduced principal balance.

Published on Feb. 12, 2026

Got story updates? Submit your updates here. ›

KBRA is monitoring the One New York Plaza Trust 2020-1NYP CMBS transaction due to the underlying loan being transferred to special servicing in December 2025 for imminent maturity default. The loan was then modified, with the principal balance reduced from $835 million to $810 million and the maturity date extended to January 2028 with additional extension options.

Why it matters

This modification of a high-profile commercial real estate loan in New York City's financial district highlights the ongoing challenges facing the commercial real estate market, as properties struggle with occupancy and cash flow issues in the wake of the pandemic. The loan's transfer to special servicing and subsequent restructuring could have broader implications for the CMBS market.

The details

The floating-rate, interest-only loan had an initial two-year term with three one-year extension options, resulting in a fully extended maturity date of January 9, 2026. As part of the modification, the maturity date was extended to January 9, 2028, with two additional one-year extension options. The loan's principal balance was reduced by $25 million to $810 million, and the borrower must deposit $20 million into a leasing reserve to fund future costs, with any unused funds applied to the loan balance at the extended maturity. A cash flow sweep will also be in place throughout the extension term.

  • The loan was transferred to special servicing on December 18, 2025 for imminent maturity default.
  • The loan modification was effectuated on the original maturity date of January 9, 2026.
  • The revised servicer remittance report reflecting the curtailments was posted on February 4, 2026.

The players

One New York Plaza Trust 2020-1NYP

A CMBS single-asset single-borrower transaction secured by the One New York Plaza office tower in Manhattan.

Brookfield Premier Real Estate Partners Pooling LLC

The sponsor and borrower for the One New York Plaza loan.

Got photos? Submit your photos here. ›

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.