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.
Alchemy wants to turn distress into gold
New York /
Dec.December 18, 2009
02:25 PM
Related Articles
arrow_forward_ios

TRD Tips: How to manage when you’re a landlord late on the loan

Tenant group sees opportunity in multifamily foreclosures: report

These multifamily and office markets are more vulnerable to Covid distress

Churchill Real Estate lines up $2B investment for residential lending

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

Pricing gap stalls distressed asset investors, for now

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