26-story boutique office building planned on top of Calvary Baptist Church on Billionaires’ Row
Photo via Wikimedia
Developers are planning to build a massive office project on top of a Billionaires’ Row church. The Real Deal reported on Monday that Alchemy and ABR Investment Partners have partnered to buy properties owned by Calvary Baptist Church at 123-141 West 57th Street. The proposed boutique office building would rise 26 stories atop church space and sit next to Extell Development’s supertall, One57.
Photo via Wikimedia
The church is connected to the Salisbury Hotel, but after nearly 100 years of owning the hotel, it’s looking to leave the hospitality industry. “The current space does not provide for the church’s needs,” Todd Williams, the chairman of the church’s board of deacons, told the Real Deal.
The developers have plans to build a 230,000-square-foot building at the site, which will include offices, retail, and commercial condo space for the church. Tenants like family offices, law firms, and private equity companies would be sought for the office space. While the cost of the purchase is not known, the Alchemy-ABR said the development will cost about $350 million.
“When this site was originally brought to us, Billionaires’ Row was already a phenomenon, but this just didn’t click as a condo project,” Brian Ray, co-founder of Alchemy-ABR, told the Real Deal. “We started talking about what this market really needs is an office building, and it really started to make sense.”
Alchemy-ABR will close on the property early next year, pending approval from the state’s attorney general. The office project is expected to break ground by early 2021, according to the Real Deal.
[Via The Real Deal]
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