Alchemy-ABR Investments Partners and Cain International have acquired 125 West 57th Street on Midtown’s Development Row from Calvary Baptist Church. This came as a welcomed proposition after a previous development partner pulled out of the redevelopment deal in March 2020.
Designed by FX Collaborative, the tower will rise 26-stories (about 420-foot-tall) with approximately 260,000 SF. Calvary Baptist Church will own and occupy a portion of the building and the rest of the building will provide high-end, Class A office space with amenities spaces.Cain will provide the equity for the $330 million project.
Before the acquisition, Calvary Baptist Church had operated both its ministry and the Hotel Salisbury from 125 West 57th Street since 1883. With a new space, Calvary Baptist Church will double its worship space and create new ones for education programming, community outreach and other ministries.
Project completion is estimated for the end of 2024.