The pandemic may have slowed development across the city, but activity along Billionaire's Row has certainly been picking up as of late.
In addition to recent announcements that include the world's biggest NFT museum opening up at 111 West 57th Street, and a new luxury supertall designed by OMA slated to start its rise next year at 41-47 West 57th Street, on Monday, Alchemy-ABR Investment Partners (Alchemy-ABR) and Cain International (Cain) shared plans to bring a 26-story boutique office building to 125 West 57th Street, a site that immediately neighbors One57.
According to REW, Alchemy-ABR and Cain acquired the property from Calvary Baptist Church for $120 million and have made plans to raze and replace the church's existing property with a 420-foot-tall, FXCollaborative-designed tower. The new build will boast about 260,000 square feet of space, a figure that includes ground-floor retail, 185,000 square feet of Class A office, and new quarters for the ministry in a 180-foot-high base portion of the building.
The new tower will sport state-of-the-art technology, 10,000-square-foot floor plates, private outdoor terraces, outdoor common spaces, a full floor of amenities, and ceiling heights upwards of 14.5 feet. More than 90 percent of the offices will have Central Park views, say the developers. Rents are expected to hover around $100 per square foot.
Cain will fund the majority of the $330 million project with Alchemy-ABR Investment Partners overseeing development.
Building permits were filed back in 2019. Demolition will begin this fall and the tower is expected to open in 2024.
- Central Park South (Urbanize NYC)