Alchemy Lands $33.7M Upper East Side Development Project
By Isabelle Durso September 6, 2024 1:06 pm
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Alchemy-ABR Investment Partners has purchased a development site on the Upper East Side for $33.7 million.
The developer bought the 88,200-square-foot, two-building property at 1482 and 1484-1486 First Avenue from previous owners The Parkoff Organization and Prize Network Group, according to IDRE Commercial Realty’s Ido Tzaidi, who brokered the deal.
The sale includes a vacant medical building — previously occupied by Weill Cornell Medicine — and a mixed-use building on the property, as well as air rights from two neighboring lots, Tzaidi said.
Alchemy-ABR declined to comment. The Real Deal first reported the news.
In 2012, an entity tied to Parkoff bought the four-story 1482 First Avenue for $3 million in cash, while Prize Network purchased 1484-1486 First Avenue in 1998, according to TRD.
New York City-based Alchemy-ABR, which was formed in 2015 as a partnership between Ken Horn’s Alchemy Properties and ABR Partners, owns several major properties across New York, South Florida and other markets, according to its website.
That includes Alchemy-ABR’s mixed-use residential development in Chelsea at 258-278 Eighth Avenue, for which Pacific Western Bank and Square Mile Capital Management provided $183 million in construction financing in July 2021.
Alchemy-ABR and Cain International also secured $250 million in debt in June 2021 as part of a $330 million capitalization for the planned spec office development at 125 West 57th Street in Midtown, Commercial Observer previously reported.
Alchemy Properties, meanwhile, is still operating as a luxury condo developer and is involved in the long-delayed redevelopment of the Upper West Side’s West-Park Presbyterian Church at 165 West 86th Street.
As of January, the property was intended to be sold to Alchemy once it was given permission for demolition and a lawsuit with its tenant, Center at West Park, was resolved, as CO previously reported. Alchemy has plans to redevelop the site into market-rate apartments.
Isabelle Durso can be reached at idurso@commercialobserver.com.
