Alchemy wants to turn distress into gold

TRD New York /
Dec.December 18, 2009 02:25 PM

From the December issue: In what may be an attempt to live up to its name, luxury condo developer Alchemy Properties plans to invest in the development and rehabilitation of distressed properties. With a new initiative in place to invest in the properties, Alchemy will target partially finished developments and overleveraged rental-to-condo conversions. Although the down market has spawned a number of distressed asset investment programs, Joel Breitkopf, a partner at Alchemy, said he’s confident that his firm’s initiative — it’s not a formal distressed asset fund — will stay ahead of the pack. He says that an understanding of the numbers behind residential development gives them an edge over other investors. “When a developer is under pressure, they tend to cut corners and their subcontractors tend to cut corners,” Breitkopf said. He said that his firm’s hands-on experience evaluating potential developments will help it avoid dangerous, poorly constructed investments.


Related Articles

arrow_forward_ios
Photo illustration of Sam Zell (Getty, iStock)

For Sam Zell, it’s all about “foreclosures and opportunities”

For Sam Zell, it’s all about “foreclosures and opportunities”
“Far fewer active buyers, far fewer deals, an increase of deals falling out of contract.” Distressed asset investors are still waiting for their “opportunity of the century” to materialize. (Credit: iStock)

Pricing gap stalls distressed asset investors, for now

Pricing gap stalls distressed asset investors, for now
As the coronavirus crisis sends property values tumbling, funds focused on opportunistic and distressed-asset investments sense a greater opportunity than that seen during the 2008 financial crisis. (Credit: iStock)

Coronavirus distress is “opportunity of the century” for real estate investors

Coronavirus distress is “opportunity of the century” for real estate investors
At the desk of: Joel Breitkopf

At the desk of: Joel Breitkopf

At the desk of: Joel Breitkopf
Alchemy, Korean firm pay $158M for UWS church site

Alchemy, Korean firm pay $158M for UWS church site

Alchemy, Korean firm pay $158M for UWS church site
Design firm CallisonRTKL takes floor at Woolworth Building

Design firm CallisonRTKL takes floor at Woolworth Building

Design firm CallisonRTKL takes floor at Woolworth Building
Luxury market is back on its feet: Olshan

Luxury market is back on its feet: Olshan

Luxury market is back on its feet: Olshan
Alchemy, Alcion looking to sell 9-building Bed-Stuy portfolio

Alchemy, Alcion looking to sell 9-building Bed-Stuy portfolio

Alchemy, Alcion looking to sell 9-building Bed-Stuy portfolio
arrow_forward_ios

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

Loading...