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.


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