Alchemy, Carlyle push forward $226M condo plan on UWS

The firm bought the site for $51M last year

TRD New York /
Feb.February 23, 2017 01:30 PM

From left: 250 West 81st Street, Alchemy’s Kenneth Horn (credit: STUDIO SCRIVO) and Carlyle’s Robert Stuckey

Alchemy Properties and Carlyle Group submitted a $226 million offering plan for their 31-unit condominium project at 250 West 81st Street, filings with the New York state Attorney General’s office last week show.

If approved, the target sellout would make for an average unit price just shy of $7.3 million, or five times the average condo price on Manhattan’s west side, according to a Citi Habitats market report for the fourth quarter of 2016.

Last year, the developers filed construction plans for the 18-story building, which will feature a rooftop terrace and an 11,000-square foot retail space on the ground-floor, but the offering plan is the first news of pricing.

The three-story commercial building at 250 West 81st Street previously housed Corcoran Group’s Upper West Side office. The Department of Buildings issued the developers a full demolition permit in January, filings show.

A representative for Alchemy declined to comment, while Carlyle could not be reached.

Alchemy and Carlyle are also jointly developing a condo project called the Noma at 50 West 30th Street.

Alchemy is also at work converting the top 30 floors of the historic Woolworth Building to condos and is expected to debut the penthouse there at an ambitious $110 million ask. The company borrowed $220 million for the condo conversions in June.

The luxury condo market is generally believed to be shrinking in Manhattan, however, as fewer units priced above $4 million are going into contract than have in years past.

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