The Real Deal New York

Alchemy purchases 9-building Bed-Stuy portfolio for $25M

Firm purchased the properties from IWC General Partners
By Eddie Small | December 14, 2018 02:00PM

879 DeKalb Avenue and 654 Putnam Avenue

Alchemy Ventures has made a big investment in Bedford-Stuyvesant, buying nine buildings in the neighborhood for just under $25 million, the company announced on Thursday.

The properties are located at 879 DeKalb Avenue, 419 and 421 Marcus Garvey Boulevard, 654 Putnam Avenue, 319 Malcolm X Boulevard, 829 Halsey Street and 804, 808 and 814 Macon Street. They span roughly 52,000 square feet and contain 81 units.

About half of the units are rent-stabilized, while the other have are either destabilized or vacant.

Alchemy purchased the buildings from IWC General Partners. The firm had purchased the portfolio between 2012 and 2014 for roughly $16 million.

A B6 Real Estate Advisors team led by DJ Johnston brokered the deal for Alchemy, and financing was arranged by Ackman Ziff’s David Borden and Jason Krane.

Renaissance Realty sold three apartment buildings in Bed-Stuy and East Flatbush earlier in the year to the Parlanti Group and investor Lav Bauta for $34 million, and an anonymous buyer recently purchased Bed-Stuy’s John C. Kelley mansion for $6.3 million, setting a neighborhood record for single-family home price.