Cain, Alchemy-ABR sign $195.8M senior loan with Chase for new office tower in Midtown West

Cain International and Alchemy-ABR Investment Partners through the entity 125 West 57th Street Property Owner, LLC as borrower signed a loan with lender JPMorgan Chase valued at $195.8 million for the complete office building at 125 West 57th Street in Midtown West, Manhattan.

The Real Deal reported on this last month, noting there was a mezzanine loan from Hudson Bay Capital, and the total debt was $321 million.

This is the 195,505-square-foot office building under 2019 job number 121206550, built on a merged zoning lot with a total of 1.5 million square feet.
The deal closed on May 20, 2026 and was recorded on June 15, 2026. The prior lender was Security Benefit which held debt that had an original loan amount of $100 million. Security Benefit and Cain International are divisions of Eldridge Industries.

The signatory for Alchemy Properties was Joel Breitkopf . The signatory for JPMorgan Chase was John Spears .

The block

On the tax block of 125 West 57th Street, PincusCo has identified the owners of seven of the 13 commercial properties representing 435,714 square feet of the 608,474 square feet. The largest owner is Zar Property NY , followed by S.W. Management .

The borrower

The PincusCo database currently indicates that Alchemy Properties owned at least eight commercial properties with 96 residential units in New York City with 621,318 square feet and a PincusCo-determined asset value of $735.6 million. The portfolio has $473 million in debt, with top three lenders as JPMorgan Chase, Security Benefit Life Insurance Company, and BDT & MSD Partners respectively. Within the portfolio, the bulk, or 30 percent of the 621,318 square feet of built space are hotel properties, with office properties next occupying 28 percent of the space.

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