Alchemy Properties is a privately held real estate development and investment firm. Alchemy was founded in 1990 and has focused mostly on rehab and new construction projects in Chelsea and Midtown. With a relatively small staff (roughly 30 employees), Alchemy has managed to acquire or convert more than 2 million square feet of residential space in New York City worth upwards of $2 billion. Although the firm has been a quiet player in the real estate market, it has generated headlines in recent years. In 2006 Alchemy first got noticed by selling dozens of condos in the space of a few hours, and in 2012 Alchemy landed a deal for the top floors of the Woolworth Building for $68 million. The firm (along with Witkoff Group and Cammebys International) began to flip the top 30 floors of the century-old landmark building into luxury apartments. The high-end conversion proved to be more expensive than originally thought, but prices for the apartments rose as high as $110 million for the penthouse.