Alchemy, Cain JV Close on $330 Million Venture for Plaza District Office Tower Development

June 23, 2021

Willkie represented the acquisition and construction lender on the project, a prominent life insurance company lender.

On June 21, it was announced that Alchemy-ABR Investment Partners and Cain International completed a $120 million acquisition of 125 West 57th Street on Midtown’s Billionaire’s Row in a transaction with Calvary Baptist Church. The partnership will demolish the property and develop a 26-story, 420-foot-tall building totaling approximately 260,000 s/f, which will include ground floor retail and a tower delivering approximately 185,000 s/f of Class A office space.

Cain will be providing the majority of the equity for the $330 million project and will be working closely with Alchemy-ABR Investment Partners who will oversee the project development. Willkie represented the acquisition and construction lender on the project, a prominent life insurance company lender.

Upon completion, Calvary Baptist Church will separately own and occupy the base portion of the building. 125 West 57th Street is expected to open in late 2024.

The Willkie team was led by partners David Drewes and Jennifer Coffey and included associates Elana King, Jenny Boone and Josh Baskin.