Anonymous buyer picks up sponsor unit at Alchemy’s UWS condo for $26M

Alchemy developed the building at 250 West 81st Street

TRD New York /
May.May 09, 2019 06:00 PM
250 West 81st Street

250 West 81st Street

A unit at Alchemy Properties’ 250 West 81st Street just sold for a steep $25.7 million.

The anonymous buyer of Unit 16A is “Do It Realty LLC,” according to records filed with New York City’s Department of Finance. The home is a sponsor unit at the condominium building.

Alchemy’s Timothy McCarthy was marketing the unit, which was asking $25.2 million. Douglas Elliman’s Stuart Sussman brought the buyer.

The home has nine bedrooms and eight bathrooms — and it spans 6,550 square feet. The building, designed by Robert A.M. Stern Architects, has 28 apartments with a slate of amenities. The features include a sports court, a playroom, a fitness center, a golf simulator, a music recording studio and a library.

Alchemy and the Carlyle Group bought the site for $51 million in 2016 with plans to replace the three-story retail building with residential condos. In 2017, the project secured $102 million in financing. The lender, Bank of the Ozarks — now Bank OZK —provided a $59 million construction loan and replaced a $42.5 million acquisition loan from Israel Discount Bank.

Ken Horn’s Alchemy is best known for converting the upper floors of the Woolworth Building into luxury condos.

Related Articles

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

NAR approves pocket listings killer

NAR approves pocket listings killer

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest