
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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CNBC
an hour ago
- CNBC
41-year-old lawyer relocated to Paris, has no plans of moving back to the U.S.: 'It's where I'm supposed to be in the world'
After law school, Adriel Sanders, 41, found work as a corporate securities, mergers and acquisitions attorney. But she didn't enjoy practicing law. "The whole firm knew it. It was not a well-kept secret. I tried to pretend like I wanted to be a partner, but I couldn't maintain that image. I didn't even want to be a lawyer," Sanders, tells CNBC Make It. "I didn't enjoy the work and the expectation to work all the time and I will probably be one of the only attorneys who says it, but I don't think it's that intellectually stimulating." Sanders, who goes by Adriel Felise online, quit that job and eventually went to work as general counsel for a publicly traded company. At the time, Sanders was living in Washington, D.C. and making $286,656 a year, according to documents reviewed by CNBC Make It. She lived in a studio apartment and paid about $3,000 a month in rent. "What stereotypically happens to most Black women when they work in corporate America is the type of things I experienced my whole career. You're constantly hitting up against this glass ceiling," Sanders says. "I was deeply and truly miserable at the very depths of my little heart and little soul. I knew that it was not sustainable." While working her 9-to-5, Sanders dreamt of starting her own clothing line. She even pursued photography in her free time as a way to escape the endless grind of her career. "Photography was very much my creative outlet. For me, starting a fashion line is about doing what I should have always been doing and not about leaving a secure career. I feel like I'm stepping into my purpose," Sanders says. In 2017, Sanders and her two brothers went to Paris for the first time. That trip changed everything. When they first arrived in the city, Sanders was a bit disgruntled after having an uncomfortable flight. Her younger brother reminded her to look around and take in where they were. "It instantly clicked. I was like, 'This is your home. This is where you're supposed to be in the world and this is where you will always be," she says. "I knew I had to move to Paris." Sanders traveled back to Paris several times after that first visit. "The moment I stepped off the plane, I felt like I could just breathe," she says. In 2019, she decided she would make the move across the Atlantic. At the beginning of 2020, Sanders quit her job, gave her landlord notice, and started the process to obtain a French visa. She contacted Adrian Leeds from HGTV's "House Hunters International" to help find an apartment and flew to France for a few days while a moving company packed up her belongings and prepared to ship it all overseas. Sanders landed in Paris the day before France closed its border due to the covid-19 pandemic. "The slowness of the world meant that France sped up. We were all operating from the same level of confusion, so the good thing is that I was confused by what was happening, but so was everyone else," Sanders says. "I arrived the day before the lockdown, so there was no one and it was a complete dystopia." Sanders signed a lease for a one-bedroom apartment that cost 1,550 euros, or $1,815 USD, where she lived for two years. She then moved into a two-bedroom, one-bathroom apartment and signed a three-year lease. The rent was 1,980 euros or $2,319 when she first moved in. It has since increased to $2,540 USD. Sanders lives in what they call an "unfurnished apartment" in Paris, which means she had to purchase her own kitchen cabinets, stove, and washing machine. She estimates that she spent about $5,000 on the kitchen and close to another $10,000 to make the place really feel like home. "Could I have done it cheaper, 100% but my view is that I don't know when I will leave so I want to have things the way I want them," she says. In addition to rent, Sanders spends, on average, about 963 euros or $1,128 per month on expenses, which include household bills like cable, internet, renter's insurance, dry cleaning, electricity and gas, private health insurance, and a Navigo transportation card. She also has an annual subscription to the Louvre, which costs 95 euros a year and a second museum card that can add an extra 50-100 euros a year to her expenses. She also pays 1,069.20 euros or $1,252 annually to a guarantor service, which allows her to continue renting in France. When Sanders first arrived in Paris, she did some consulting as a lawyer but decided it was finally time to bet on herself. She says she had about $200,000 in her business account and $70,000 in personal savings when she quit that job and put all of her focus on creating her fashion brand, Adriel Felise, and becoming a content creator. That money and her income from content creation helps to fund Sanders' new business venture. Her parents are retired and have been able to help her out as well. "I'm grateful for it because it gives me the cushion to do the runway launching for the fashion line and that to me is the most important goal. It gives me the freedom to know that I'm not going to fall and can pursue my dream," she says. Sanders is self-funding the production of her initial samples and prototypes, but hopes to raise at least $2 million and have her 10-piece collection ready for launch in 2026. Sanders says leaving the United States and her corporate law career behind helped her realize she's more resourceful than she thought. "I can use my strategic side that I learned as a lawyer, but implement it in a very creative way." she says. "I love fashion and I'm so happy that I can now just say that and be upfront about it because for so long it was treated as something that made me less serious." When Sanders was working as a lawyer, she used to take walks around her office building and dream about starting a fashion line, and now seeing it come to life still doesn't feel real. "There's still a part of me that strives and pushes for more so I don't know if I'm fully ready to say I'm proud but I feel like I'm actually happy, which I wasn't for so long and that's huge for me," she says. "My goal and desire is to inspire women — particularly black and brown women — to just pursue their dreams and goals. When they do it does not matter. The most important thing is that they be bold, move wisely, and just go for it." Sanders plans to keep Paris as her home base and eventually buy a home in the countryside. Since moving, Sanders has traveled all over France, Italy, Switzerland, Greece, and more. She is currently making plans to spend the rest of the summer in the Loire Valley or Normandy in northern France. "I wish I had had the courage to move sooner. I wish I had the courage to do it after my first semester of law school to either drop out or enroll in business school and do something different that would have given me more options and choice to not get pigeonholed into something that I knew from the beginning I didn't want to be," she says. "I know that Americans really love to classify based upon age, race, etc. but I don't want to be classified as anything other than a woman who believed in herself enough to ignore the naysayers and go for her hopes and dreams."


New York Post
17 hours ago
- New York Post
Trump's tariff plan seems to be working — proving all the naysayers wrong
For all the 'sky-is-falling' cries over President Donald Trump's tariffs, it looks like his strategy may be working — just as his Aug. 1 deadline nears. In the past week, the Trump folks struck deals with Japan, Indonesia and the Philippines — and may be on the verge of a deal with Europe: On Friday, the prez cited a 50-50 chance of reaching an agreement with the European Union. These developments — on top of previous deals with Vietnam, the United Kingdom and a framework on rare-earth exports and tech restrictions with China — go a long way toward standing up Trump's vision for the international economy, with better terms for America. And at least so far, no catastrophic fallout. Heck, the nation looks poised to benefit enormously on several fronts. Trump's deals in Asia, for starters, reopen US access to cheap markets, sidestepping China, our greatest economic and military rival. Indonesia and the Philippines will pay 19% tariffs on their exports to the United States and levy 0% tariffs on more than 99% of US goods. Japan will see 15% tariffs and invest more than half a trillion dollars into the US economy. Washington will also slap fewer restrictions on Indonesian, Filipino and Japanese goods, everything from cars and clothes to electronics and rubber. And now EU officials are signaling their support for a deal that would mirror the one Trump made with Japan — reciprocal tariffs of 15%. Notably, the EU includes 27 countries in a shared common market, representing the largest singular trading bloc for the United States. The EU deal would clearly benefit US consumers looking to buy, say, French wines or German cars, and also US producers seeking wider access to the European markets. Keep up with today's most important news Stay up on the very latest with Evening Update. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Meanwhile, the resolution of trade issues with so many countries will calm markets and bring confidence and stability to the business community. As for the predicted inflation, it's nowhere to be seen: June's consumer price index came in at a reasonable 2.7%. Recall it hit 9% under Joe Biden. That's partially because corporations, unsure of whether high tariffs will remain permanent and nervous about hiking prices, have absorbed most of the tariffs' costs, at least for now. More good news: The tariffs brought in $64 billion in revenue for the government in just the first three months since Trump's April 2 'Liberation Day' announcement. He's suggested issuing 'rebates' based on that haul, but far better to use the new revenue to pay down the runaway national debt. Yes, there's plenty more to do: Team Trump needs to finalize agreements with Canada, India and Mexico, along with the EU, and numerous smaller countries, before the president's across-the-board reciprocal tariffs hit Aug. 1. So considerable uncertainty remains. But clearly the signs are good, at least so far — despite all the doomy predictions.
Yahoo
18 hours ago
- Yahoo
Pharma braces for critical French drug pricing reforms pending CEPS's report
Growing budgetary pressure is a central theme in France as the country prepares for the publication of the government's 2026 Social Security Finance Bill (PLFSS). French Prime Minister François Bayrou has requested the Economic Committee for Health Products (CEPS) to create a report, which will be published by the end of July 2025 and released in Q3 2025, outlining its drug pricing policy recommendations. These policy recommendations are likely to be defined by what Bayrou describes as 'changing geopolitical context' and 'investment dynamics' for the EU pharma sector. The environment has therefore triggered an opportunity to re-evaluate current price setting and regulation policies, with the potential for greater flexibility and higher prices due to changing business conditions. This principle is already starting to be put in place. From March 2025, the CEPS has been required to consider the manufacturing location of production sites when setting prices, known as the 'industrial criterion'. While this policy existed previously, it is now mandated, giving preferential pricing for domestically manufactured medicines. A price premium for local manufacturing will likely improve the generic sector, making it more financially viable. Historically, financial viability has been a definitive struggle for generic and biosimilar manufacturers in France. Based on a sample of off-patent, generic, and biosimilar prices, these medicines are typically priced between 38% to 68% lower in France, on average, when compared to the other top European markets. 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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