{"id":78975,"date":"2025-07-20T21:26:20","date_gmt":"2025-07-20T21:26:20","guid":{"rendered":"https:\/\/www.europesays.com\/us\/78975\/"},"modified":"2025-07-20T21:26:20","modified_gmt":"2025-07-20T21:26:20","slug":"calvary-baptist-churchs-miracle-building-on-west-57th-street-gets-2-new-leases","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/78975\/","title":{"rendered":"Calvary Baptist Church’s ‘miracle building’ on West 57th Street gets 2 new leases"},"content":{"rendered":"

The \u201cmiracle building\u201d of West 57th Street, once and future home of Calvary Baptist Church,\u00a0got two gifts from heaven this week.<\/p>\n

The almost-completed 30-story tower on Billionaires Row at 125 W. 57th St. scored two crucial leases. Ten Five Hospitality, creator of popular\u00a0Mother Wolf restaurants in Miami, Las Vegas, and Los Angeles, took 7,045 square feet\u00a0for a \u201cnew concept\u201d eatery on the entire ground floor.<\/p>\n

At the same time, the development team of Alchemy-ABR Investment Partners and Cain International landed the project\u2019s first office lease. Medical equipment company AdaptHealth took the full 14th floor of 10,275 square feet. \u00a0<\/p>\n

Rendering of 125 West 57th St. Neoscape<\/p>\n

The building,\u00a0to open after Labor Day,\u00a0is\u00a0one of the city\u2019s most uplifting sagas. After the developers made a deal\u00a0with the church in 2019 to replace its existing house of worship with a \u00a0larger one within a new building, a loan agreement broke down in March 2020.<\/p>\n

The financing collapse combined with the pandemic appeared to doom the project, which depended on buying the church\u2019s property \u2014 including the faded Salisbury Hotel next door \u2014\u00a0for $130 million.<\/p>\n

As we reported in 2021<\/a>, the unidentified lender\u2019s pullout left the developers and the church in shock. \u201cWe had term sheets and we were ready to close,\u201d Cain senior managing director Eric Poretsky told us at the time.<\/p>\n

But Calvary, which urgently needed new capital to fund improvements, gave the developers time to find new funding. A\u00a0 loan from a Cain affiliate brought the\u00a0$350 million project back to life.<\/p>\n

The handsome, 260,000 square-foot tower designed by architect Dan Kaplan\u2019s team at FX Collaborative stands between a pair of supertalls \u2014 One57 and 111 W. 57th St. It includes 185,000 square feet of office space and a full tenants\u2019 amenities floor. The 10,000 square-foot floor plates boast floor-to-ceiling windows and outdoor terraces. The church will occupy floors 2-10 with\u00a0facilities for its congregation and for educational and community uses.<\/p>\n

New \u201cboutique\u201d office building on West 57th St nears completion. Neoscape<\/p>\n

A JLL team led by Kristen Morgan and Mitchell Konsker is the landlord\u2019s rep for the office floors. They said that full-floor leases are out for a financial firm and a real estate company.\u00a0CBRE\u2019s\u00a0Ramsey Feher acted for AdaptHealth.<\/p>\n

Konsker said the amenities floor includes an outdoor portion overlooking West 57th Street. He praised the block\u2019s growing strength, which includes two hotels \u2014 Le Meridien, where a Shelly Fireman-run French brasseries just opened, and the Park Hyatt.<\/p>\n

Morgan said office asking rents are between $175-$250 per square foot for available floors, but the two highest floors not yet on the market will likely command bigger numbers.<\/p>\n

The church entrance is\u00a0on the tower\u2019s eastern side and the office entrance on the western side, with the restaurant between them.<\/p>\n

Calvary Baptists Church\u2019s entrance is on the east side of the tower, while the office entrance will be on the west side. Neoscape<\/p>\n

The building stands next door to 111 W. 57th St., the \u00a0condo tower which is 81% sold. <\/p>\n

The ground floor will soon be home to auction house Bonhams, a deal we first reported<\/a> last September.<\/p>\n

Cain International\u2019s head of US Equity Eric Poretsky, said, \u201cOur 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 \u2014 both in the workplace and in experiential retail environments. Ten Five\u2019s track record in creating culturally resonant, high-touch hospitality experiences makes them an ideal partner to activate this building.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The \u201cmiracle building\u201d of West 57th Street, once and future home of Calvary Baptist Church,\u00a0got two gifts from…\n","protected":false},"author":3,"featured_media":78976,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,64,15833,20367,12611,405,403,5226,5225,5228,5227,4329,7747,67,586,132,5230,68,2969],"class_list":{"0":"post-78975","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-business","10":"tag-cbre","11":"tag-churches","12":"tag-commercial-real-estate","13":"tag-new-york","14":"tag-new-york-city","15":"tag-newyork","16":"tag-newyorkcity","17":"tag-ny","18":"tag-nyc","19":"tag-real-estate","20":"tag-realty-check","21":"tag-united-states","22":"tag-united-states-of-america","23":"tag-unitedstates","24":"tag-unitedstatesofamerica","25":"tag-us","26":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114887680541288415","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/78975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=78975"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/78975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/78976"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=78975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=78975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=78975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}