Crezly's NYC Commercial Real Estate Leverage & Maturity Report maps an estimated $92.1 billion of outstanding mortgage debt across 16,952 commercial properties that traded in New York City since 2021 — then asks the question that matters most to buyers and brokers: when does that debt come due? This page summarizes the H1 2026 edition; the full interactive report, with charts and a downloadable PDF, lives at /reports/nyc-cre-leverage-2026-h1/.
The report is built from NYC ACRIS deed and mortgage records, joined to ownership and lot data by BBL. It looks only at commercial properties that changed hands since January 2021 — 16,952 of them — and estimates the debt outstanding on each.
Estimated debt is a loan-to-value figure: roughly 65% of the most recent recorded transaction value, a deliberately conservative proxy because ACRIS does not publish live loan balances. Across the full set that totals about $92.1 billion. The same records before the LTV haircut and the commercial-only filter represent $241 billion across 165,623 transactions — the report uses the conservative $92.1B figure so it never overstates leverage.
Manhattan carries the majority: about $50.7B (55.1%) of the estimated debt, followed by Brooklyn ($22.5B, 24.5%), Queens ($12.8B, 13.9%) and the Bronx ($6.0B, 6.5%).
By asset class, multifamily leads at $28.5B (31%), ahead of other commercial ($21.4B), office ($14.5B, 15.7%), industrial ($8.1B), retail ($7.9B), mixed-use ($5.4B) and hotels ($4.7B). Office is a smaller share of the dollars than the headlines suggest — but it is among the most concentrated and the most exposed to refinancing stress.
Because ACRIS does not record loan maturity dates, the report models them: each loan's estimated debt is spread across standard commercial mortgage terms (5-year 25%, 7-year 35%, 10-year 40%), measured from its deed-recording date. This is a modeled estimate, not a record of actual maturities — and the report says so plainly.
On that model, roughly $9.8B (10.6%) of the estimated debt matures in the near-term 2026–2027 window, with the heaviest modeled years arriving in 2031–2032 (~$14–15B each). Near-term maturities concentrate in Manhattan ($5.4B) and in multifamily ($3.5B) — the owners most likely to face a refinance, a sale, or a workout first.
The single most-leveraged building in the set is 8 East 57 Street (RXR 590 Madison Owner LLC), carrying an estimated ~$702M.
Open the full interactive report for the live charts, the borough and asset-class breakdowns, the modeled maturity curve and the most-indebted buildings — or download the PDF to cite or share.
From there, drill into the underlying records: search any landlord's portfolio in the owners index, look up a specific address on a building page, or learn the mechanics behind the numbers in what is a mortgage maturity wall? and NYC owner-debt data explained.
How much commercial real estate debt does the report cover?
An estimated $92.1 billion of outstanding mortgage debt across 16,952 NYC commercial properties that traded since January 2021, measured conservatively at roughly 65% loan-to-value from recorded ACRIS transactions.
Are the loan maturity dates real?
No — they are modeled. ACRIS does not publish loan maturity dates, so the report distributes each loan's estimated debt across standard 5-, 7- and 10-year terms from its deed-recording date. The maturity wall is a modeled estimate, disclosed as such.
Where can I read the full report?
The full interactive report, with charts and a downloadable PDF, is at /reports/nyc-cre-leverage-2026-h1/. This /learn page is a plain-English summary of its findings.