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

Firm purchased the properties from IWC General Partners

New York /
Dec.December 14, 2018 02:00 PM

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.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
U.S. District Court Judge Dabney Friedrich (Senate/Chris Coons, iStock)
Judge strikes down federal eviction ban
Judge strikes down federal eviction ban
Sen. Brian Kavanagh and RSA President Joe Strasburg (Getty, Strasburg via Jeffersons Siegel)
Rent relief hinges on dwindling goodwill
Rent relief hinges on dwindling goodwill
Colliers International CEO Jay Hennick (Colliers, iStock)
Colliers’ acquisitions help boost company’s Q1 revenue
Colliers’ acquisitions help boost company’s Q1 revenue
Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
1240 Morrison Avenue in Soundview, 1769 86th Street in Bensonhurst and 73-99 Empire Boulevard in Crown Heights (Google Maps)
Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
arrow_forward_ios

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

Loading...