Exhibit 99.1


                      (NYMT NEW YORK MORTGAGE TRUST LOGO)


                       NEW YORK MORTGAGE TRUST COMPLETES
               $20 MILLION OFFERING OF TRUST PREFERRED SECURITIES

New York, NY - September 2, 2005 -- New York Mortgage Trust (NYSE: NTR) ("NYMT"
or the "Company") announced today the closing of an offering of $20 million of
trust preferred securities to Taberna Preferred Funding II, Ltd. The securities
were issued by NYM Preferred Trust II and are fully guaranteed by the Company
with respect to distributions and amounts payable upon liquidation, redemption
or repayment. These securities have a fixed interest rate equal to 8.35% through
October 30, 2010 and thereafter subject to a floating interest rate equal to
three-month LIBOR plus 395 basis points, resetting quarterly. The securities
mature on October 30, 2035 and may be called at par by the Company any time
after October 30, 2010. These securities were placed in a private transaction
exempted from registration under the Securities Act of 1933, as amended.

ABOUT NEW YORK MORTGAGE TRUST
New York Mortgage Trust, Inc. (NYMT) is a real estate investment trust (REIT)
focused on owning and managing a leveraged portfolio of residential mortgage
securities and a mortgage origination business. The mortgage portfolio is
comprised largely of prime adjustable-rate and hybrid mortgage loans and
securities, much of which, over time will be originated by NYMT's wholly owned
mortgage origination business, The New York Mortgage Company, LLC (NYMC), a
taxable REIT subsidiary. The ability to build a portion of its loan portfolio
from loans internally originated is a cornerstone of NYMT's strategy.

FOR FURTHER INFORMATION

AT THE COMPANY                              AT FINANCIAL RELATIONS BOARD
Michael I. Wirth, Chief Financial Officer   Joe Calabrese (General) 212-827-3772
Phone: 212-634-2342                         Julie Tu (Analysts) 212-827-3776
Email: mwirth@nymtrust.com

This news release contains forward-looking statements that predict or describe
future events or trends. The matters described in these forward-looking
statements are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond the Company's control. The
Company faces many risks that could cause its actual performance to differ
materially from the results predicted by its forward-looking statements,
including, without limitation, the possibilities that a rise in interest rates
may cause a decline in the market value of the Company's assets, a decrease in
the demand for mortgage loans may have a negative effect on the Company's volume
of closed loan originations, prepayment rates may change, borrowings to finance
the purchase of assets may not be available on favorable terms, the Company may
not be able to maintain its qualification as a REIT for federal tax purposes,
the Company may experience the risks associated with investing in real estate,
including changes in business conditions and the general economy, and the
Company's hedging strategies may not be effective. The reports that the Company
files with the Securities and Exchange Commission contain a fuller description
of these and many other risks to which the Company is subject. Because of those
risks, the Company's actual results, performance or achievements may differ
materially from the results, performance or achievements contemplated by its
forward-looking statements. The information set forth in this news release
represents management's current expectations and intentions. The Company assumes
no responsibility to issue updates to the forward-looking matters discussed in
this news release.