Calvary Baptist Church's ‘miracle building' on West 57th Street gets 2 new leases
The almost-completed 30-story tower on Billionaires Row at 125 W. 57th St. scored two crucial leases. Ten Five Hospitality, creator of popular Mother Wolf restaurants in Miami, Las Vegas, and Los Angeles, took 7,045 square feet for a 'new concept' eatery on the entire ground floor.
At the same time, the development team of Alchemy-ABR Investment Partners and Cain International landed the project's first office lease. Medical equipment company AdaptHealth took the full 14th floor of 10,275 square feet.
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3 Rendering of 125 West 57th St.
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The building, to open after Labor Day, is one of the city's most uplifting sagas. After the developers made a deal with the church in 2019 to replace its existing house of worship with a larger one within a new building, a loan agreement broke down in March 2020.
The financing collapse combined with the pandemic appeared to doom the project, which depended on buying the church's property — including the faded Salisbury Hotel next door — for $130 million.
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As we reported in 2021, the unidentified lender's pullout left the developers and the church in shock. 'We had term sheets and we were ready to close,' Cain senior managing director Eric Poretsky told us at the time.
But Calvary, which urgently needed new capital to fund improvements, gave the developers time to find new funding. A loan from a Cain affiliate brought the $350 million project back to life.
The handsome, 260,000 square-foot tower designed by architect Dan Kaplan's team at FX Collaborative stands between a pair of supertalls — One57 and 111 W. 57th St. It includes 185,000 square feet of office space and a full tenants' 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 facilities for its congregation and for educational and community uses.
3 New 'boutique' office building on West 57th St nears completion.
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A JLL team led by Kristen Morgan and Mitchell Konsker is the landlord's rep for the office floors. They said that full-floor leases are out for a financial firm and a real estate company. CBRE's Ramsey Feher acted for AdaptHealth.
Konsker said the amenities floor includes an outdoor portion overlooking West 57th Street. He praised the block's growing strength, which includes two hotels — Le Meridien, where a Shelly Fireman-run French brasseries just opened, and the Park Hyatt.
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.
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The church entrance is on the tower's eastern side and the office entrance on the western side, with the restaurant between them.
3 Calvary Baptists Church's entrance is on the east side of the tower, while the office entrance will be on the west side.
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The building stands next door to 111 W. 57th St., the condo tower which is 81% sold.
The ground floor will soon be home to auction house Bonhams, a deal we first reported last September.
Cain International's head of US Equity Eric Poretsky, said, 'Our 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 — both in the workplace and in experiential retail environments. Ten Five's track record in creating culturally resonant, high-touch hospitality experiences makes them an ideal partner to activate this building.'
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Using the available current prices from GlobalData's Price Intelligence (POLI) & HTA service, the figure below compares the average price per milligram per unit of pack (one tablet, for example) difference between off-patent, generic, and biosimilar medicines that are available in France and the other four major European markets. The sample from each drug type was generated by including products that have their strength measured in milligrams and are available in all five markets. Figure 1: Average price per strength unit (euros/unit/mg) comparison of prices in France to the other EU5 market Furthermore, the Generic Same Drug Association (GEMME) in France has pushed for biosimilars to be excluded from the 'safeguard clause' pricing policy. This measure limits public health spending on medicines by requiring pharmaceutical companies to contribute to health spending once the reimbursed expense exceeds a set threshold. There may be further positive news for generics and biosimilars as the government also considers lowering the discount ceiling for generics from 40% down to 20%–25% while setting a low ceiling for biosimilars. While the upcoming report from CEPS will likely have benefits for the generic/biosimilar sector, it is unclear what potential benefits will be brought to the innovative pharmaceutical sector. There are appeals to change the 'safeguard clause' and lower the cap, and there are possible modifications, but it is unlikely to be entirely overhauled. It is more likely that other cost-saving measures will be considered. For example, medicines with low clinical value ratings (Service Médical Rendu, SMR) could be delisted. Products that are reimbursed at the lowest tier (15%) would therefore no longer be reimbursed. Such measures would likely target non-essential and lifestyle medicines that receive this low SMR rating in their cost-effectiveness assessments. GlobalData's Price Intelligence (POLI) & HTA service shows that 77 molecules are currently 15% reimbursed and could therefore face a delisting challenge. These products see an average first price cut similar to that of products with a higher clinical rating. The average first price cut across different reimbursement tiers ranges between 6% and 7% for the different clinical ratings. Therefore, products with a low clinical rating see a similar impact on price after launch compared to those with a higher rating, despite being more likely to have competition with alternative treatments on the market. Figure 2: Average first price cut (%) of products based on reimbursement level granted Additionally, France's National Health Insurance Agency (Caisse Nationale d'Assurance Maladie, CNAM) has set out proposals to save on pharmaceutical spending. In its annual report, CNAM suggested that medicines with an improvement in actual benefit (Amélioration du Service Médical Rendu, ASMR) that are rated 'absent/no improvement' (ASMR V) or 'minor' (ASMR IV) should be subject to a discount compared to the net price of the cheapest available comparator. The figure below shows the proportion of brands in France by ASMR ratings granted. More than 70% of brands, accounting for the majority of the medicines reimbursed in France, have been granted these ratings of ASMR IV or V and would therefore be impacted. Figure 3: Distribution of medicines in France by ASMR rating Throughout 2025, CEPS has been coordinating many policy initiatives that will determine and influence the government's approach to pharmaceutical spending in 2026. As such, the French Government has requested that the CEPS publish a report later in July 2025 to outline its policy recommendations. While this appears to be a quick turnaround for CEPS, the ongoing initial proposals have given a sneak peek into what this report may feature. The generic and biosimilar sectors are likely to benefit from upcoming reforms. Potential amendments could include changes to the limit discount ceiling and possible exclusion from the 'safeguard policy'. It is unclear what this report may consider for the innovative sector; however, certain medicines could be delisted based on reimbursement levels, and further discounts could be granted on net prices for products with ASMR IV and V ratings. This report will encompass the progress made for recent and upcoming policy actions, while also giving insight into significant spending constraints for innovative medicines expected for 2026. This article is produced as part of GlobalData's Price Intelligence (POLI) service, the world's leading resource for global pharmaceutical pricing, HTA and market access intelligence integrated with the broader epidemiology, disease, clinical trials and manufacturing expertise of GlobalData's Pharmaceutical Intelligence Center. Our unparalleled team of in-house experts monitors P&R policy developments, outcomes and data analytics around the world every day to give our clients the edge by providing critical early warning signals and insights. For a demo or further information, please contact us here. "Pharma braces for critical French drug pricing reforms pending CEPS's report" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. 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