Neighbors of 31 West 15th Street have long been lobbying against the construction of a new residential tower at the site, but new zoning documents finally reveal the extent of what they’re going to be dealing with. According to DNAinfo, developer Alchemy Construction is planning a 25-story, 335-foot-tall residential tower there, thanks to the air rights it acquired from the neighboring Xavier High School. Xavier is slated to take the first through sixth floors of the new building, of which the design has yet to be unveiled because the project hasn’t been officially approved by the city. Alchemy’s original proposal was rejected by the city in March, but the building’s zoning plans were approved earlier this month, and demolition of the current structure has already begun. [more]
Posts Tagged ‘alchemy’
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Developer Alchemy Properties announced today a 15 percent discount for the next 15 buyers to purchase an apartment in its Griffin Court Condominium at 800 10th Avenue between 53rd and 54th streets. The development recently received its temporary certificate of occupancy, and construction there is nearly completed. Units range in size from studios to three-bedrooms, and prices from $735,000 to $3.86 million. TRD
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Concessions for condo buyers are largely a thing of the past for
Alchemy Properties, founder and president Kenneth Horn told the New
York Times. At 462 West 58th Street, for example, the company is now
shaving just 1 to 2 percent off its condominium asking prices, down
from between 12 and 14 percent last October, he said. Transfer and
mansion taxes are still going on Alchemy’s tab, though. Horn, who is
also set to complete the eco-friendly Griffin Court condo in Midtown
West this month, went on to explain that building green is ideal but
not always practical for a smaller developer. “The problem is it’s
expensive to apply for LEED certification — I think it was like a
quarter of a million dollars,” he said. “In a larger building, the
economies of scale work, but in a smaller building, when you’re a small
developer, it hurts.” Griffin Court, which sits around a
9,000-square-foot courtyard, has about four or five contracts signed
and six or seven in negotiation, he said. [NYT] -
From the May issue: Prospective buyers playing hard-to-get? How about sweetening the deal with an iPad? Some developers and brokers are turning to quirky giveaways, hoping the extra incentives will help fill buildings during this tough economy. The freebies, often tacked on to traditional incentives such as fee eliminations or coverage of certain taxes, are the latest trend in attention-getting promotions.
In one online ad, a broker with Platinum Properties offered to throw in two custom suits worth $2,000 each with the keys to a penthouse apartment. The broker could not be reached to say if the penthouse had been rented.
Last month, Alchemy Properties gave away iPads and 42-inch high-definition televisions to anyone who signed a contract to buy units at the Griffin Court Condominium in Midtown. More than 150 people stopped by the property during the promotion’s first two weeks, said the president of Alchemy, Kenneth Horn. [more]
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