New York Commercial Mortgage Rates
What's driving rates here? New York spreads have reflected ongoing office recapitalization and lender selectivity. With 10-yr UST near 4.31%, indicative coupons for low-leverage LifeCo executions start in the mid-6s when spreads are ~175–225 bps.
Data: seasonally adjusted where available. Benchmarks update on a short cache; spreads are editorial ranges.
Spreads by Lender Type & Leverage
| Lender Type | ≤55% LTV | 55–65% LTV | 65–75% LTV |
|---|---|---|---|
| LifeCo | 150–225 bps | 200–275 bps | 275–350 bps |
| Bank | 175–250 bps | 250–325 bps | 325–425 bps |
| Agencies (MF only) | 140–210 bps | 175–240 bps | 200–280 bps |
| Debt Funds | 300–450 bps | 350–550 bps | 450–700 bps |
Lender mix guidance
LifeCos and banks are selective, especially on office and retail; lower leverage and strong tenancy help. Agencies lead on MF where leverage fits and prepay flexibility is acceptable.
- Lower leverage tightens spreads materially; consider sizing at ≤55% LTV for best quotes.
- Prepayment flexibility (vs. hard yield maintenance) influences the lender set and pricing.
- For MF, agencies may be most efficient at moderate leverage; LifeCos often lead at low leverage.
- Clean environmental and updated third‑party reports reduce friction and timing risk.
- Structure (reserves/cash management) can substitute for leverage where appropriate.
What moved pricing recently: 10-yr UST is 4.31%. 30‑day vol score 100/100 with last day move 124 bps.
Multifamily
Agencies vs. bank dynamics vary by leverage and prepay. See ranges above.
- Agencies most efficient at moderate leverage with standard prepay; LifeCos lead at ≤55% LTV.
- Mission/Affordability overlays can improve pricing where applicable.
- Consider step‑down vs. yield maintenance tradeoffs for future flexibility.
Industrial
Core product at lower leverage tends to clear tighter, especially with LifeCos.
- Distribution/logistics with strong tenancy clears tighter than older flex with rollover risk.
- Long‑term leases with quality credit help access LifeCo balance sheets.
- Higher leverage often shifts to banks or debt funds with structure.
Office
Selectivity remains elevated; structure and tenancy drive outcomes.
- Leasing rollover, capex, and TI/LC plans are central to underwriting.
- Lower leverage, partial paydowns, and/or additional recourse can broaden the lender set.
- Expect tighter covenants and reserves; model DSCR and covenants at realistic re‑tenanting.
FAQs
How does New York Mortgage Recording Tax (MRT) affect refinances?
MRT applies to new mortgages and some modifications. Many refinances use CEMA to reduce tax on principal already recorded. See official NY guidance.
Are LifeCo lenders competitive in NY for office-heavy portfolios?
LifeCos remain selective. Strong sponsors with diversified collateral can still achieve competitive spreads at lower leverage.
Related links
- Methodology – how we compute the benchmark + spread.
- Glossary – quick definitions for lenders, leverage, DSCR, and more.
- Guide: Size a DSCR loan
- Guide: Commercial mortgage refinance rates
- New York Office (unique page)
Explore other states
Closing Costs Note (NY)
Methodology
We combine public benchmarks with editorial spread ranges. Sources: H.15, Treasury Par Yield, SOFR, Census Permits, BLS CES.