A joint venture of Alchemy-ABR Investment Partners and Cain International plans to develop a $330 million mixed-use project on 125 West 57th Street in Midtown Manhattan.
The partnership paid around $120 million for the property on Billionaire’s Row in a transaction with Calvary Baptist Church, several media sources reported. Cain will provide most of the equity for the project and work closely with Alchemy-ABR, which will oversee the project’s development.
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The partnership’s plans call for a 26-story, 420-foot-tall building, totaling roughly 260,000 square feet. The mixed-use development will feature ground-floor retail and 185,000 square feet of Class A boutique office space.
Calvary Baptist Church will separately own and occupy the base portion of the building, which will be redesigned with a separate entrance, doubling the amount of space for worship, education programs, community outreach and other ministries. The building designed by FX Collaborative is slated for completion by the end of 2024.
The mixed-use project’s Class A boutique office component will fill a gap in a pandemic-shaped market driven by the experiential office space, focused on health and well-being. Upon completion, the building will be one of the few centrally located Class A offices to be delivered in the Plaza District.
The building will feature floorplates averaging 10,000 square feet, slab-to-slab ceiling heights with floor-to-ceiling glass, private terraces, and the ability to create private elevator access to each floor. Other features will include a full floor of amenity space with hospitality-designed lounge and meeting spaces, a board room and more than 4,000 square feet of outdoor common spaces.