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

The firm bought the site for $51M last year

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

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.


Related Articles

arrow_forward_ios
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
arrow_forward_ios

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

Loading...