Cain and Alchemy-ABR Secure $321 Million Refinancing for 125 West 57th Street Office Tower on Billionaires' Row
Cain and Alchemy-ABR Investment Partners have closed a $321 million refinancing for 125 West 57th Street, a newly delivered Class A office tower situated on Billionaires' Row in Manhattan's Plaza District, the firms announced May 21, 2026.
JPMorgan served as senior lender and Hudson Bay Capital as mezzanine lender on the financing. Walker & Dunlop arranged the transaction on behalf of the joint venture.
A Rare Ground-Up Office Tower Delivered in the Plaza District
Rising 30 stories with direct Central Park views, 125 West 57th Street is described by the developers as the first ground-up Class A office tower delivered in Midtown's Plaza District in more than five years. The building is targeting LEED Gold certification and was designed with modern infrastructure, tenant amenities, sustainability features, and hospitality-led design elements.
The tower has attracted a roster of tenants including Eldridge, Jadian Capital, Kingdon Capital Management, and AdaptHealth. Ten Five Hospitality — known for its Mother Wolf restaurants in Miami, Las Vegas, and Los Angeles — is slated to open a new concept on the ground floor.
Supply Constraints Underpin Demand for New Manhattan Office Real Estate
Walker & Dunlop's Adam Schwartz, senior managing director of Capital Markets and co-head of Institutional Advisory, pointed to a tightening supply picture as context for the transaction's significance.
"The Manhattan office market is entering a period defined by scarcity at the top end," Schwartz said. "Only 1.6 million square feet of new office product is projected to deliver across the city over the next five years, while more than 29 million square feet of older office inventory has already been converted or is in the process of being converted to residential use. Against this backdrop, 125 West 57th Street stands out as one of the only true Class A office opportunities in Midtown."
The transaction was led by Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Sean Reimer, Dustin Stolly, and Sean Bastian of Walker & Dunlop Capital Markets Institutional Advisory, which acted as exclusive advisor to the ownership joint venture.
Transaction Follows Cain's One Beverly Hills and 830 Brickell Milestones
The refinancing marks the second major transaction in which JPMorgan Chase has served as senior lender alongside Cain. The bank previously held the senior lending role on Cain's $4.3 billion One Beverly Hills construction financing, described by the firm as the largest of its kind in decades.
Cain also recently delivered 830 Brickell in Miami, a fully leased Class A office tower whose tenants include Citadel, Microsoft, Kirkland & Ellis, Marsh, Thoma Bravo, and Sidley Austin.
"Location, design and execution are what separate the exceptional from the merely available, and great cities continue to reward that difference," said Jonathan Goldstein, CEO and co-founder of Cain. "We saw it at 830 Brickell in Miami, and we see it again here. This refinancing, backed by leading financial institutions, speaks to the depth of demand for assets of this calibre."
Alchemy-ABR Cites Differentiation of Genuinely New Product
Ken Horn, co-founder and partner at Alchemy-ABR Investment Partners, emphasized the distinction between repositioned office stock and purpose-built new construction in the current Manhattan leasing environment.
"In a market where much of the 'new' inventory consists of repositioned office stock, 125 West 57th Street offers tenants the rare opportunity to occupy space that is genuinely new, with infrastructure and design elements purpose-built to attract and retain talent," Horn said. "We appreciate Walker & Dunlop's partnership and execution in securing financing that positions the property for continued lease-up success in a highly competitive Manhattan office market."