KBRA is monitoring One New York Plaza Trust 2020-1NYP, a CMBS single-asset single-borrower transaction, due to the transfer of the underlying loan to the special servicer on December 18, 2025 for imminent maturity default, ahead of its maturity date. The floating-rate, interest-only loan had an initial term of two years with three one-year extension options resulting in a fully extended maturity date of January 9, 2026.

According to the servicer, the maturity date was extended to January 9, 2028 as part of a modification and extension, which was effectuated on the maturity date. The modification included a reduction in the loan's principal balance to $810.0 million from $835.0 million, with the Class A certificates being paid down by $25.0 million. The curtailments were reflected in a revised servicer remittance report posted on February 4, 2026. Further, according to the Loan Modification Report provided by the servicer, the borrower is required to deposit $20.0 million into a leasing reserve to fund future leasing costs, with any unused amount applied to reduce the loan balance at the extended maturity at the lender’s discretion. There will be two additional one-year extension options, each contingent upon no event of default, additional $20.0 million leasing reserve deposits for each extension, and replacement interest rate cap purchases. A cash flow sweep will also be in place throughout the extension term.

The transaction collateral is a non-recourse, first-lien mortgage loan secured by the borrower’s fee simple interest in a 50-story, 2.6 million sf, Class-A LEED Gold certified office tower located at One New York Plaza, in the Manhattan borough of New York City. The loan’s sponsor is Brookfield Premier Real Estate Partners Pooling LLC (Brookfield).

In December 2025, KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $70.0 million and a KBRA value of $898.2 million ($348 per sf). The resulting in-trust KLTV was 93.0%, compared to 93.2% at last review in December 2024 and 81.8% at securitization. KBRA maintained the loan’s K-LOC designation and KPO of Underperform due to a decline in financial performance since securitization. The decline since issuance is primarily attributable to a decrease in property occupancy as a result of Revlon (5th largest at securitization) vacating in 2022 and Morgan Stanley exercising its termination options in 2023, reducing its leased space to 1.1 million sf from 1.3 million sf. An appraisal dated November 11, 2025 valued the asset at $1.071 billion ($415 per sf), a 30.5% decrease from $1.540 billion ($596 per sf) at issuance. At this time, KBRA does not estimate a loss on the asset.

KBRA will continue to monitor the transaction and the performance of the subject loan, effectuating Watch placements or rating actions as necessary.

Recent Publications

• One New York Plaza Trust 2020-1NYP Surveillance Report
• One New York Plaza Trust 2020-1NYP Pre-Sale Report

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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