Press Release|CMBS
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KBRA Affirms All Ratings for NYO 2021-1290

13 Nov 2025   |   New York

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KBRA affirms its outstanding ratings for NYO 2021-1290, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decline in performance since KBRA’s last review and securitization. However, the magnitude of the change does not warrant rating adjustments at this time. The affirmations also reflect the quality of the asset and experience of the loan’s majority sponsor.

The transaction is secured by a $950.0 million non-recourse, first lien mortgage loan, collateralized by 1290 Avenue of the Americas, a 43-story, Class-A, LEED Gold certified office tower containing 2.1 million sf located between West 51st and West 52nd Streets along 6th Avenue (Avenue of the Americas) in Midtown Manhattan. The majority sponsor of the loan is Vornado Realty Trust (Vornado). The floating-rate loan had an initial two-year term which expired in November 2023. There are five one-year renewal options, and the loan is currently in its second extension option period. It is currently on the watchlist for the upcoming maturity and the commentary notes that the borrower has executed its third option, extending the maturity date to November 9, 2026.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $86.9 million and a KBRA value of $1.16 billion ($547 per sf). The resulting in-trust KLTV is 82.0%, compared to 78.4% at last review and 76.6% at securitization. KBRA maintains the loan’s KPO of Perform.

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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