Demolition is moving along rapidly at 123 West 57th Street, the site of a 26-story commercial building on Billionaires’ Row in Midtown, Manhattan. Alchemy Properties and ABR Partners closed a $120 million deal to purchase the Midtown property from Calvary Baptist Church. ABR Partners’ equity partner, Cain International, had brought on Security Benefit Life as the new lender for the project, which will yield 185,000 square feet of office space and is estimated to cost $350 million. The property is located on a plot bound by West 57th Street to the south, West 58th Street to the north, Sixth Avenue to the east, and Seventh Avenue to the west.
The Manhattan Neighborhood Network has partnered with Kostow Greenwood Architects to complete a new media production facility and screening studio at 509 West 38th Street in Midtown, Manhattan. Located on the condominium building’s third and fourth floors, the new build-out will comprise 23,651 square feet and will serve as the network’s West Side headquarters.
Demolition work is ramping up at 405 Park Avenue, the site of a potential skyscraper in Midtown East, Manhattan. Original plans from several years ago called for a renovation that would have added several floors to the existing 17-story structure, but full demolition permits were filed in January 2021. MRP Realty is the owner and Titan Industrial SVC Corp. is serving as the demolition contractor for the property, which is located at the corner of Park Avenue and East 54th Street.
Excavation continues at 520 Fifth Avenue, the site of a 76-story mixed-use supertall in Midtown, Manhattan. Designed by Kohn Pedersen Fox for Rabina, which took over as the lead developer in 2019 from Ceruzzi Properties and SMI USA, the slender 995-foot-tall skyscraper will yield 507,608 square feet with 98 residential units, commercial space, and four cellar levels. Suffolk Construction is the general contractor for the property, which is located at the corner of Fifth Avenue and West 43rd Street.
Tishman Speyer has announced chef Erik Ramirez and Juan Correa, the team behind critically acclaimed restaurants Llama San and Llama Inn, will bring a new dining concept to The Spiral at 66 Hudson Boulevard. Located in Hudson Yards, the new restaurant will occupy the ground floor of the tower on the northwest corner at Tenth Avenue and 34th Street.