CMBS conduit loans against multifamily properties in New York City had a 14.4% distress rate – meaning they’re either delinquent or in special servicing, as of the end of last year – according to Kroll Bond Rating Agency. That was up from a 7% distress rate at the end of 2023 and compares with the 8.5% distress rate for all CMBS multifamily loans.

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