Press Release|CMBS
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KBRA Affirms All Ratings for NYC Trust 2024-3ELV

8 Aug 2025   |   New York

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KBRA affirms its outstanding ratings for NYC Trust 2024-3ELV, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decline in financial performance compared to securitization mainly due to higher operating expenses; however, the magnitude of the changes does not warrant ratings adjustments at this time.

The loan is secured by the borrower’s leasehold interest in 3Eleven, a 60-story, 938 unit, Class A multifamily tower with 14,495 sf of ground floor retail space located on the border of the Hudson Yards and Chelsea neighborhoods in New York City’s borough of Manhattan. Of the 938 units, 703 (75.0%) are market rate and 235 (25.0%) are affordable units under an affordability agreement. In conjunction with the affordable units the property is subject to a 35-year real estate tax exemption through 2058.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $36.4 million and a KBRA value of $539.6 million ($575,225 per unit). The resulting in-trust KLTV increased to 92.7% from 89.0% at securitization. KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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.

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