Alchemy, Korean firm pay $158M for UWS church site

Purchase includes three buildings owned by West End Collegiate Church

New York /
Sep.September 12, 2018 09:25 AM

Ken Horn and 245 West 77th Street (Credit: Google Maps)

Ken Horn’s Alchemy Properties is expanding the firm’s Upper West Side portfolio, after paying $158 million for a development site owned by the West End Collegiate Church.

The site consists of three buildings, the former Collegiate School at 260 to 262 West 78th Street, the adjacent 378 West End Avenue and a church at 245 West 77th Street, according to the New York Post.

Bank OZK, formerly Bank of Ozarks, provided a $230 million loan for the acquisition and construction of the site.

A new 19-story residential condo will be built on the former school site that will connect to the existing West End Avenue building. The development, which was approved by the city’s Landmarks Preservation Commission, will go up next the church, a Dutch and Flemish Renaissance-style landmark.

For the purchase, Horn partnered with Daishin Securities, a Korean firm making its first foray into U.S. real estate. According to the Post, Daishin had initially partnered with another bidder who had dropped out.

The site will expand Horn’s Upper West Side portfolio. In December, Horn’s firm and the Carlyle Group secured $102 million in financing for a 32-unit condominium building at 2255 Broadway, at the corner of West 81st Street. Bank OZK also provided the loan for that building.

Horn caused a stir last year after listing the upper-conversion penthouse of the Woolworth Building for $110 million, a record-breaking price for downtown, if it sells. He paid $68 million for the upper residential floors in 2012. [NYP] — David Jeans 


Related Articles

arrow_forward_ios
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
Amazon's Jeff Bezos, Google's Sundar Pichai and Facebook's Mark Zuckerberg (Getty, iStock)

Tech giants occupy nearly 600M-sf of US real estate

Tech giants occupy nearly 600M-sf of US real estate
arrow_forward_ios

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

Loading...