Rithm Capital is lining up a $415 million refinancing for 31 West 52nd Street, a Plaza District office tower in Midtown Manhattan, with the package slated to close on July 15, 2026. The deal is structured to take out the property’s existing mortgage, cover landlord leasing obligations and give the owner more runway to stabilize cash flow at the building. It is one of the bigger refinancings to hit the market this season for well located Manhattan office towers.
Deal terms and lenders
The new debt stack is a three year, fixed rate mortgage totaling $415 million and includes an $85 million mezzanine piece, roughly $72.5 million of sponsor equity, a $22.2 million interest reserve and about $9 million in closing costs and fees. As reported by Commercial Property Executive, the refinancing will also fund approximately $43 million in landlord leasing obligations.
The loan is expected to be co originated by Wells Fargo, Bank of America, Barclays, Citi, Goldman Sachs and JPMorgan Chase. Trimont is set to serve as primary servicer, with Argentic Services in the special servicer role, according to the same reporting.
The building and amenities
31 West 52nd Street is marketed as a trophy office tower in the Plaza District, with a long Midtown pedigree. The building’s official materials describe it as a 29 story, Class A office tower with large floorplates and LEED Gold sustainability credentials, per the property’s website and prior coverage by The Real Deal.
Brokerage materials and the building’s own site highlight in building parking, upgraded floor to ceiling glazing and nearly 33,000 square feet of street level retail space. The property sits within two blocks of Rockefeller Center and directly opposite MoMA, a location mix that lenders and investors have pointed to as support for financing well located, hospitality minded office assets.
Tenants and market context
Industry reports indicate the tower was roughly in the mid 80s percent leased heading into June. Tenants at the property include Cushman & Wakefield, Wilson Sonsini, Centerview Partners and Pillsbury Winthrop, a roster that helps explain lender interest in the asset.
As outlined by Commercial Property Executive, the refinancing is part of a broader wave of large Midtown office refis this summer, as banks and capital markets players selectively back higher quality buildings. The activity tracks with Rithm’s acquisition and repositioning push for the portfolio it purchased from Paramount Group last year.
What’s next
If it closes as expected on July 15, 2026, the loan will replace 31 West 52nd Street’s maturing 2016 financing and provide immediate capital for leasing initiatives and tenant build outs. Rithm laid out its game plan for upgrades across the former Paramount portfolio in Rithm Capital’s Q1 2026 supplement, while Commercial Observer detailed the firm’s rebrand of Paramount Group to Elecor Properties as part of that strategy.
The 31 West 52nd refinancing will serve as an early test of how much appetite lenders still have for trophy Midtown offices backed by established tenants and active capital plans.
