Partnership Plans Mixed-Use Tower Along Midtown’s Billionaires’ Row
A partnership between Alchemy-ABR Investment Partners and Cain International has completed the acquisition of 125 W. 57thSt. on Midtown’s Billionaire’s Row in a transaction with Calvary Baptist Church.
The partnership will develop a 26-story, 420-foot-tall mixed-use tower totaling approximately 260,000 square feet. It will include ground-floor retail and approximately 185,000 square feet of Class A office space.
Upon completion of the $330-million project, which is expected in 2024, Calvary Baptist Church will separately own and occupy the base portion of the building.
“We are optimistic about the strong demand for best-in-class office projects in major markets including New York City, and remain firmly rooted in our belief that the return to the office is a crucial part of the post-pandemic economy,“ said Eric Poretsky, head of U.S. equity at Cain International.
Cain will provide the majority of the project’s equity, while Alchemy-ABR will oversee development.
