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
The price of a new home in China’s largest cities fell for the first time since 2015
New home prices in China’s largest cities fall for first time since 2015
New home prices in China’s largest cities fall for first time since 2015
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Terreno Realty CEO W. Blake Baird and an aerial of the property (Google Maps)
Terreno Realty pays $44M for NJ industrial site
Terreno Realty pays $44M for NJ industrial site
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
PBC's Eli Elefant and 452 Fifth Ave (PBC)
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
SL Green CEO Marc Holliday, Chelsea Piers Fitness CEO David Tewksbury and One Madison Avenue (Getty, SL Green)
Chelsea Piers is coming to SL Green’s One Madison
Chelsea Piers is coming to SL Green’s One Madison
arrow_forward_ios

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

Loading...