Alchemy, ABR pays $130M to Calvary Baptist in Midtown West

Alchemy Properties and ABR Investment Partners through the entity 125 West 57th Street Property Owner, LLC paid $130 million to Calvary Baptist Church for the property at 123 West 57th Street in Midtown West, Manhattan.
The deal closed on June 15, 2021 and was recorded on June 25, 2021.
The property has 191,261 square feet of built space and 0 square feet of additional air rights for a total buildable of 160,660 square feet according to PincusCo analysis of city data. The sale price per built square foot is $679 per the PincusCo analysis.
The signatory for Calvary Baptist Church was Todd A. Williams. The signatory for Alchemy Properties and ABR Investment Partners was Kenneth S. Horn.

There has been one new building permit application

There has been one demolition project filed for the parcels over the past five years.
The sale was delayed after a construction lender pulled out at the start of the pandemic, then financial partner Cain International brought in another source, an affiliate Security Benefit Life, the New York Post reported. Calvary will occupy a portion of the planned 440-foot tall boutique office building set to be finished in 2024.

Within a 400-foot radius of 123 West 57th Street, PincusCo identified 14 commercial real estate items of interests occurred over the past 24 months.
Of those 14 items, four were for a major renovation including a certificate of occupancy change. They included one permit application with a total initial cost of $675,000, one permit with a total initial cost of $6.7 million and two initial temporary certificate of occupancy issuances for projects that initially cost $19.2 million. The most recent of these four items was the temporary certificate of occupancy on March 30, 2021 for a 111,074-square-foot hotel (R-1) building with 214 units at 101 West 57th Street.
Of those 14 items, eight were sales above $5 million totaling $138.9 million. The most recent of the eight was 15766b LLC which bought one condo unit in the 4,193-square-foot, 135-unit mixed-use building (RM) on 157 West 57th Street for $19.2 million from Extell Development on June 10, 2021.
Of those 14 items, two were loans above $5 million totaling $115.4 million. The most recent of the two was L&L Holding which borrowed $92.5 million from Aareal Capital Corporation secured by one condo unit in the 237,695-square-foot, 241-unit mixed-use building (RM) on 146 West 57th Street on March 30, 2021.

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