Rithm Capital has obtained a $515 million fixed-rate refinancing for 31 W. 52nd St., a 29-story office tower totaling 785,000 square feet in Midtown Manhattan. Equity, Debt & Structured Finance teams from Cushman & Wakefield and Newmark advised Rithm Capital on the transaction, which targets one of New York City’s prime office locations. The deal underscores ongoing lender interest in large, well-leased assets in core business districts despite shifting conditions across the broader office market.
The advisory effort was led on the Cushman & Wakefield side by Gideon Gil, Zach Kraft and Cecelia Galligan. Newmark’s team included Jordan Roeschlaub, Nick Scribani, Adam Spies, Adam Doneger, Tim Polglase, Dan Axelson and Jack Fenton. Together, the two firms co-brokered and structured the financing package on behalf of Rithm Capital, aligning multiple capital sources around a single, large-scale office asset.
The capital stack is anchored by a $415 million senior mortgage, complemented by a $40 million B-Note and a $60 million mezzanine loan. Wells Fargo led the financing, with additional participation from Bank of America, Barclays, Citi, Goldman Sachs and JPMorgan. The combination of senior and mezzanine tranches provided Rithm Capital with a diversified structure across several large bank lenders, reflecting ongoing willingness by major institutions to commit balance-sheet capital to select office properties.
The new financing comes after Rithm Capital’s acquisition of a larger office portfolio from Paramount Group, positioning 31 W. 52nd St. within a broader institutional office platform. While specific loan terms were not disclosed, the deal’s fixed-rate structure and multi-tiered components illustrate how sponsors and lenders are approaching risk and duration for high-value assets in key markets.
Commenting on the transaction, Cushman & Wakefield’s Gideon Gil noted that securing a financing package of this size from a consortium of leading lenders signals continued confidence in well-positioned New York City office buildings. He added that as capital markets conditions evolve, institutional lenders are concentrating on high-quality properties with experienced sponsorship and strong long-term fundamentals, reinforcing a selective but active lending environment in top-tier submarkets.
