| NYguy |
Jun 24, 2021 5:40 PM |
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Originally Posted by JMKeynes
(Post 9317794)
The new office building on Broadway near 30th Street isn’t glass. I had hoped that this wouldn’t be. This building is very lame considering the upscale location.
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Sorry, but that would be naive thinking.
https://commercialobserver.com/2021/...t-57th-street/
Alchemy-ABR, Cain Land $250M in Debt on Billionaire’s Row Office Project
The loan is part of a $330 million capitalization that will see a new spec office property rise at 125 West 57th Street in Midtown Manhattan
https://commercialobserver.com/wp-co...resize=755,501
BY MACK BURKE
JUNE 23, 2021
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If you need any sign that confidence in New York’s future is on the up, look no further than the $330 million capitalization of a planned spec office development at 125 West 57th Street in Midtown Manhattan that just recently closed.
A joint venture partnership between Alchemy-ABR Investment Partners and Cain International got $250 million in debt as part of a $330 million capitalization that will see the existing structure at 125 West 57th demolished and replaced with a 26-story, roughly 260,000-square-foot spec office tower, according to JLL, which arranged the debt. The senior mortgage closed on June 15.
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The joint venture development group had a senior construction lender lined up in late March 2020 and was ready to hit the ground running with the development before that lender abruptly pulled out due to COVID-19, according to recent commentary from Alchemy-ABR Managing Partner Brian Ray that was reported by the New York Post.
It was an affiliate of Cain International, Security Benefit Life Insurance Co., that came through at this stage to provide the senior construction debt to get the $350 million project underway. The broader deal included Alchemy-ABR and Cain purchasing all but the base of the building from Calvary Baptist Church for $120 million. The joint venture is now set to move forward with the development, which was designed by FXCollaborative and will include about 185,000 square feet of attractive office space.
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Life companies were attracted to the asset due the business plan and the how and where the office will be positioned once it’s completed.
“Once it’s built it’s going to be a core asset, and life companies like to be in A-plus, core assets,” he said.
Calvary Baptist Church had once wholly owned the building, as well as the neighboring Salisbury Hotel at 123 West 57th Street, and has occupied the property for its ministry since the late 1800s. Calvary will retain ownership of, and occupy, the current space at the base of the property, which is in line to be redesigned, expanded and modernized as part of the redevelopment.
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Alchemy-ABR and Cain had ironed out plans with the church for the building a few years ago, prior to the onset of the pandemic. Alchemy-ABR principal Ken Horn told the New York Post that they were able to quickly get on board with the development, due to their history working with other religious institutions. FXCollaborative had introduced the church to Alchemy-ABR a number of years ago, while Calvary was exploring ways in which to approach much-needed renovations to its facilities.
Above the church, Alchemy-ABR and Cain are planning to build out large floor plates, averaging 10,000 square feet, with ceilings heights that will reach 14 feet. One full floor will house amenities, including a lounge, meeting spaces, a board room and about 4,000 square feet of outdoor common area. Some floors will also sport private terraces and, given the location, more than 90 percent of the office space will provide for north-facing views of Central Park.
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