The narrative of the “miracle building” on West 57th Street, destined to be the new home of Calvary Baptist Church, has taken a promising turn with recent developments. This 30-story tower, strategically located at 125 W. 57th St. on Billionaires Row, has secured two pivotal leases that signal its impending transformation into a vibrant hub of activity.
First, Ten Five Hospitality, renowned for its acclaimed Mother Wolf restaurants in major cities like Miami, Las Vegas, and Los Angeles, has signed a lease for 7,045 square feet on the ground floor. This “new concept” eatery is expected to introduce an exciting culinary experience to the area, enhancing the tower’s appeal and contributing to the local economy.
Simultaneously, the building’s development team, a collaboration between Alchemy-ABR Investment Partners and Cain International, celebrated the acquisition of its first office tenant. AdaptHealth, a medical equipment company, has taken the entire 14th floor, spanning 10,275 square feet. This marks a significant milestone for the project, which had faced considerable hurdles since its inception.
The saga began in 2019 when developers struck a deal with Calvary Baptist Church to replace its existing structure with a larger facility. However, the project hit a snag in March 2020 when a loan agreement fell through, coinciding with the onset of the pandemic, which threatened to derail the entire initiative. The developers were left reeling, as Eric Poretsky, Cain’s senior managing director, recalled, “We had term sheets and we were ready to close.”
Despite these setbacks, Calvary Baptist Church demonstrated remarkable resilience, allowing the developers time to secure new funding. Ultimately, a loan from a Cain affiliate resurrected the $350 million project, breathing new life into the vision for this striking tower designed by FX Collaborative’s Dan Kaplan. The building, boasting a total of 260,000 square feet, will offer 185,000 square feet of prime office space along with a dedicated amenities floor. Tenants will benefit from expansive floor plates featuring floor-to-ceiling windows and outdoor terraces, creating an inviting work environment.
The dynamics of the surrounding area further bolster the building’s prospects. With office asking rents ranging between $175 to $250 per square foot, there is a strong demand for premium office space, and the two top floors—yet to be listed—are expected to command even higher prices. The block’s allure is amplified by nearby luxury hotels, such as Le Meridien and the Park Hyatt, which enhance its status as a desirable locale for both businesses and visitors.
The building’s layout is thoughtfully designed, with the church occupying floors 2-10, providing essential facilities for its congregation and community engagement programs. The entrance to Calvary Baptist Church is strategically positioned on the eastern side of the tower, while the office entrance will be on the western side, with the restaurant positioned between the two, fostering a sense of community and accessibility.
As the project nears completion, optimism abounds. Poretsky remarked on Ten Five Hospitality’s involvement, stating, “Our decision to bring Ten Five Hospitality in is a reflection of our long-term conviction in the Plaza District and our belief in the continued appetite for best-in-class real estate—both in the workplace and in experiential retail environments.” This sentiment underscores the growing confidence in the area’s potential for development and economic growth.
Overall, the emergence of the “miracle building” as a beacon of hope amidst challenges illustrates the power of collaboration and resilience in urban development. As it prepares to open its doors after Labor Day, this tower not only promises to revitalize its immediate surroundings but also serves as a testament to the enduring spirit of community and innovation in New York City.
