Experience the awe-inspiring journey of the new church-and-office building on Billionaires’ Row, a true gift from heaven. After overcoming challenging setbacks, the “boutique” tower at 125 W. 57th St. is now soaring towards its 440-foot, 26-story height. This remarkable project, brought to life by Ken Horn’s and Brian Ray’s Alchemy-ABR Investment Partners in partnership with Cain International, is revealed for the first time on this page.
What makes this mixed-use project truly unique is its miraculous story. In March 2020, the construction lender backed out, coinciding with the city’s standstill due to the Covid-19 pandemic. However, Alchemy, together with the gracious support of Calvary Baptist Church, the property’s previous owner, managed to find new financing sources and continue the project’s development.
Designed by architect Dan Kaplan’s team at FX Collaborative, the tower is set to be completed late next year. Its twelve state-of-the-art office floors will cover 180,000 square feet, providing a remarkable workspace. Beneath the tower, Calvary Baptist Church will enjoy expanded space for its congregation and a community center, giving it a new lease on life. Together, the entire building will span 260,000 square feet.
In 2017, Calvary agreed to sell its land to developers for $130 million, a significant contribution to the project’s total development cost of $350 million. As part of the agreement, Alchemy pledged to replace the old house of worship with a new and improved one.
Despite concerns about the current office market conditions with high availability and interest rates, Ken Horn remains confident. With over thirty residential buildings under their belt, Alchemy recognizes the unique opportunity presented by this project. “We determined very quickly that there was too much product in a limited area. But there was a scarcity of new offices, and we’d do well regardless of the cycle,” says Horn. The first office floor, situated 180 feet above the church and including 7,000 square feet of retail space, offers an unparalleled view of Central Park.
Alchemy’s partner, Brian Ray, explains their target audience for the office portion of the tower: hedge funds, private equity firms, and other companies seeking floor plates of around 10,000 square feet, with many featuring private outdoor terraces. Ray praises Calvary Baptist Church for their understanding and support throughout the complex deal, stating, “The Baptist church are righteous people in all the right ways.”
Erik Poretsky, the Head of US Real Estate at Cain International, stresses the exceptional value of this real estate. He emphasizes their investment in premier locations, acknowledging this tower as an irreplaceable piece of real estate within the eminent Billionaires’ Row section of Manhattan.
Despite current leasing challenges in the market, Poretsky remains optimistic, noting the tower’s relatively modest size of 180,000 square feet. With stunning park views and floors boasting 14.5 to 16 feet in height, the tower’s asking rents are expected to reach triple digits. A dedicated team led by Mitch Konsker from JLL has been enlisted to secure tenants, with the marketing campaign set to launch early next year.
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