Alchemy-ABR closes on stalled deal for Billionaires’ Row office building

Developer paid $120M for the Calvary Baptist Church property, which it plans to demolish

New York /
Jun.June 21, 2021 10:32 AM
Calvary Baptist Church and the Salisbury Hotel at 123-141 West 57th Street with Alchemy principal Ken Horn (right) and Cain senior managing director Eric Poretsky (Google Maps, Alchemy, Cain)

Calvary Baptist Church and the Salisbury Hotel at 123-141 West 57th Street with Alchemy principal Ken Horn (right) and Cain senior managing director Eric Poretsky (Google Maps, Alchemy, Cain)

Alchemy Properties finally closed on its deal to purchase Calvary Baptist Church’s property on Billionaires’ Row.

Through its partnership with real estate investment firm ABR Partners, developer Alchemy originally announced a deal in 2019 to acquire and construct a 26-story office building atop the church-owned property at 123-141 West 57th Street — a 16-story property that also includes the Salisbury Hotel next door.

But the deal had a major setback at the onset of the pandemic when a lender pulled out of the transaction, according to the New York Post.

Now, after ABR’s equity partner, Cain International, brought in its affiliate Security Benefit Life as a new lender, the partnership has closed on a roughly $120 million purchase of the property, the Post reported Sunday. The total cost of the project is said to be $350 million.

Demolition of the existing building is expected to start this fall, and the developer aims to complete a new 26-story boutique office building in 2024. Located on the same block as luxury condo towers One57 and 111 West 57th Street, the 185,000 square feet of office space with Central Park views will boast floor-to-ceiling windows, with rents topping $100 a foot, according to the Post.

The church will own the 180-foot-high base portion of the building and house its facilities there, including a new auditorium.

[NYP] — Akiko Matsuda





    Related Articles

    arrow_forward_ios
    Gary Barnett and Central Park Tower (Getty, Percival Kestreltail/CC BY-SA 3.0/via Wikimedia Commons)
    Gary Barnett seeks record $250M for Central Park Tower penthouse
    Gary Barnett seeks record $250M for Central Park Tower penthouse
    Healing From Heaven Temple COGIC and Childs Memorial Temple COGIC (Google Maps)
    Meet the developer from the Harlem church scandal
    Meet the developer from the Harlem church scandal
    Childs Memorial Temple, Metropolitan AME, and Greater Bethel AME Harlem
    Harlem church leaders struck secret deals with developer over sales
    Harlem church leaders struck secret deals with developer over sales
    Pastor Gregory Fryer and the Immanuel Lutheran Church at 120 and 122 East 88th Street (Getty Images, Immanuel NYC, Jim.henderson, CC0, via Wikimedia Commons)
    Thou Shalt Not Sell: Lutheran group sues to stop church’s deals
    Thou Shalt Not Sell: Lutheran group sues to stop church’s deals
    A photo illustration of the Broadway Spanish Baptist Church (Google Maps, Getty Images)
    Harlem church seeks state approval for redevelopment plans
    Harlem church seeks state approval for redevelopment plans
    Rotem Rosen with an aerial (left) and diagram of 124 East 57th Street (ODA Architecture, Google Maps)
    Rotem Rosen faces holdout on Billionaires’ Row
    Rotem Rosen faces holdout on Billionaires’ Row
    Marble Collegiate Church, HFZ's Ziel Feldman and Vanbarton’s Gary Tischler (Getty, iStock)
    Church seeks to escape hellish partnership with HFZ
    Church seeks to escape hellish partnership with HFZ
    Reed and Delphine Krakoff; 54 East 64th Street (Sotheby's International Realty, Getty Images, Illustration by Kevin Cifuentes for The Real Deal)
    Tiffany designer puts townhouse on discount rack (only $42M)
    Tiffany designer puts townhouse on discount rack (only $42M)
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...