The “Miracle Building” located on West 57th Avenue, which was initially intended to be the new home of Calvary Baptist Church, received some significant news this week.
This almost-finished 30-story tower at 125 W. 57th St., situated in a prime area known for its affluent residents, secured two major leases. The restaurant group behind the popular Mother Wolf brand, with locations in Miami, Las Vegas, and Los Angeles, will occupy 7,045 square feet on the ground floor for a new concept eatery.
In a notable development, the teams from Alchemy-ABR Investment Partners and Cain International also finalized the first office lease in the building. Medical device company Adapthealth has notably acquired 10,275 square feet on the 14th floor.
Set to open after Labor Day, this building has an inspiring backstory. Originally, the project faced a setback in March 2020 when the loan agreement fell through after the developer and the church planned to replace existing worship spaces with a larger facility in the new tower.
The combination of the funding collapse and the pandemic made the project’s future seem bleak, especially since it hinged on buying the church’s property and the now-closed Salisbury Hotel for $130 million.
As previously reported in 2021, the absence of unidentified lenders surprised both developers and church representatives. Eric Poletzky, a senior managing director at Kane, noted back then that they had been ready to close on the financing.
Recognizing the church’s urgent need for funds to support improvements, the developers were given extra time to secure financing. Fortunately, loans from affiliates of Cain helped revive the $350 million project.
This impressive 260,000-square-foot tower, designed by Dunkaplan in collaboration with FX Collaborative Stand, sits between two prominent structures: Supertol and 111 W. 57th St. Its floor plates include floor-to-ceiling windows and a terrace, while the church occupies floors 2 through 10, providing space for worship as well as educational and community activities.
The JLL team, led by Kristen Morgan and Mitchell Konsker, is representing the office floor landlord. They mentioned that full floor leases are currently in demand among financial and real estate firms, while Ramsey Feher of CBRE acted for Adapthealth.
Konsker highlighted that the amenities floor boasts an outdoor area overlooking West 57th Avenue, noting the block’s dynamic growth, which includes two nearby hotels. Interestingly, a new Park Hyatt, featuring a French brasserie managed by Shelley Fireman, has just opened.
Morgan mentioned that available office spaces are being listed for rent at prices between $175 and $250 per square foot, although the two highest floors that have yet to hit the market may command even more.
The church entrance is conveniently located at the east side of the tower, with the office entrance on the west side, positioned between the two areas.
Adjacent to the new building is 111 W. 57th St., a condominium tower with a high percentage of units still up for sale. Additionally, the first floor will soon welcome Auction House Bonhams, marking an intriguing development first reported last September.
Equity Poletzky, head of U.S. equities at Cain International, expressed, “Our decision to bring about 10 five hospitalities reflects our long-term belief in the Plaza area and our ongoing appetite for best-in-class real estate in both workplace and experiential retail environments.”
