Sales begin for far West Side condominium

TRD New York /
May.May 21, 2008 03:12 PM

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.  


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
After a lost summer, Coney Island businesses are struggling to imagine how to survive the winter. (Getty)

Lost summer, failed plan haunt Coney Island

Lost summer, failed plan haunt Coney Island
Jeff Bezos (Getty, iStock)

“We are erring on the side of having too much capacity”: Amazon reports massive Q3

“We are erring on the side of having too much capacity”: Amazon reports massive Q3
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Zillow's Rich Barton (iStock)

Zillow cuts 80 jobs from iBuying biz

Zillow cuts 80 jobs from iBuying biz
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...