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KBRA Affirms All Ratings for One New York Plaza Trust 2020-1NYP

12 Dec 2025   |   New York

Contacts

KBRA affirms its outstanding ratings for One New York Plaza Trust 2020-1NYP, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which exhibited performance generally in line with KBRA’s last ratings change in December 2024.

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 has an outstanding principal balance of $835.0 million ($323 per sf) as of December 2025. 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 2026. According to the servicer’s commentary, the loan’s sponsor, Brookfield Premier Real Estate Partners Pooling LLC (Brookfield), has been in contact with the loan’s special servicer regarding a possible extension of the loan.

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 is 93.0%, compared to 93.2% at last review and 81.8% at securitization. KBRA maintains the loan’s K-LOC designation and KPO of Underperform due to a decline in financial performance since securitization and the difficulty the borrower will face in refinancing the property at its fully extended maturity in January 2026 without improvement in performance or additional equity.

To access ratings and relevant documents, click here.

Click here to view the report.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012717