Alchemy, Carlyle buy UWS building with plans for condos

Site at West 81st and Broadway offers 94K buildable sf

New York /
Mar.March 02, 2016 01:35 PM

Kenneth Horn’s Alchemy Properties, in partnership with private equity firm the Carlyle Group, picked up an Upper West Side retail building for $51 million, with plans to tear it down and build a residential condominium tower, sources told The Real Deal.

The site at 2251-2259 Broadway, also known as 250-256 West 81st Street, holds a three-story property with nearly 20,000 square feet. But it offers 94,000 buildable square feet, allowing for a sizable residential building in its place.

Since Alchemy signed a lease for the property in June, the retail tenants have been in the process of moving out. The property is being delivered vacant. The Corcoran Group, for example, closed its office at the building late last year and is opening a new office at 221 Columbus Avenue later this year.

The off-market deal closed late last month for nearly $550 per buildable square foot, Alchemy confirmed.

Alchemy, a Midtown-based development firm, is still configuring its condo aims. An Alchemy spokesperson declined to discuss its plans, while a representative for Washington, D.C.-based Carlyle, which is serving as the equity partner, could not be immediately reached.

The seller is a group of families – the Cleemans, the Kleimans, the Holzers and the Dyckmans – that has owned the building for more than 40 years, according to property records.

HPNY’s Ivan Hakimian and Eli Scharf were involved in the deal. They declined to comment.

Alchemy is best known for developing the residential condo component of the iconic Woolworth Building, where a penthouse is asking $110 million.

Elsewhere in the neighborhood, SJP Properties is planning a 51-story condo building at 200 Amsterdam Avenue.


Related Articles

arrow_forward_ios
Alchemy Properties president Ken Horn and The Pinnacle at the Woolworth Building (Alchemy, iStock)
Woolworth Building’s $79M “pinnacle” returns in challenging market
Woolworth Building’s $79M “pinnacle” returns in challenging market
High demand and low supply has driven house prices up (iStock)
Investors building single-family rentals to meet demand
Investors building single-family rentals to meet demand
20 West 33rd Street (20West33rd)
Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Carlyle CEO Kewsong Lee and 24-02 Queens Plaza South in Long Island City (Getty; Atlas Capital)
Carlyle Group pockets $40M LIC trade school building
Carlyle Group pockets $40M LIC trade school building
235 West 48th Street and Carlyle Group managing director Jason Hart (Credit: Google Maps and Carlyle Group)
Carlyle takes majority stake in Ritz Plaza rental building for $251M
Carlyle takes majority stake in Ritz Plaza rental building for $251M
The mobile home park model is “financially catastrophic” for homeowners, John Oliver says
The mobile home park model is “financially catastrophic” for homeowners, John Oliver says
The mobile home park model is “financially catastrophic” for homeowners, John Oliver says
Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project
Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project
Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project
Carlyle Group expands at One Vanderbilt
Carlyle Group expands at One Vanderbilt
Carlyle Group expands at One Vanderbilt
arrow_forward_ios

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

Loading...