Sales begin for far West Side condominium

By Lauren Elkies | May 21, 2008 03:12PM

Alchemy Properties will launch pre-construction sales Thursday on a new condominium on the far West Side, at 462 West 58th Street

The developer received attorney general approval Friday and is kicking off sales at the 67-unit Hudson Hill Condominium with a brokers-only open house tomorrow.

Foundation work has begun, said Kenneth Horn, president of Alchemy Properties, and the building has a 16-month estimated completion date.

In January 2006, Alchemy paid in the low $30-million-range for a 35-unit, six-story tenement building at the site. It demolished that building and is erecting a 10-story, 105,000-square-foot building featuring one to three bedroom units. They will range from 760 to 3,250 square feet and from $900,000 and going up to $2.9 million, Horn said. 

The developer is banking on spillover from the strong Chelsea residential market and the Time Warner Center’s appeal. Horn said he also hopes to capture buyers who want to live on the Upper West Side, along West End Avenue and Riverside Drive, but cannot meet co-op board requirements.

Across town, Alchemy is starting excavation next month on a yet-to-be-named 18-story Upper East Side building.

In February, the developer purchased two four-story tenement buildings from two different sellers on the corner of 77th Street and Second Avenue, plus air rights from two neighboring buildings, all for about $20 million, Horn said.

Although the offering plans are not ready for filing with the attorney general’s office, Horn said a 185-square-foot-high condominium will be built at 303 East 77th Street

Two-, three- and four-bedroom apartments will range from 1,205 to 2,800 square feet, with about two units per floor. The apartments will sell for between $1.7 million and mid-$3 million.

Unlike the majority of the Upper East Side housing stock which is high-rise, the 77th Street building is a boutique, full-service, building.

“I can’t think of any boutique condominiums on the Upper East Side,” Horn said. 

Construction is expected to be completed in 20 to 21 months.

FX Fowle is the architect for both projects.