US office late payments spike on New York City loan default, Fitch says
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Delinquencies on U.S. office loans surged in September, rising 42 basis points to 8.12%, primarily due to a default on a $180 million loan for a Manhattan office building, 261 Fifth Avenue. This contributed to over $1 billion in newly delinquent commercial mortgage-backed securities (CMBS). The overall CMBS delinquency rate also increased to 3.1%. Starbucks announced the closure of its store in the building, part of a larger trend of office loan defaults.
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