Kenneth Horn

You had the ultimate architectural-luxury conversion with the Woolworth Building. What would be another fantasy project? 

We want to continue developing projects that resonate with our buyers’ communities, whether it’s a new, ground-up project or one with history. Our goal is always to create something beautiful. We love to take on complex projects that other developers wouldn’t want to, ultimately to create something universally seen as spectacular.  

How would you summarize Alchemy’s performance over the last year? 

It’s been an exceptionally busy and productive year. 

We’re completing our office project at 125 West 57th Street, which is approaching 90 percent leased with a major draw this year among top firms, including Eldridge Industries, Anchorage Capital and Aegon. Our residential project at 288 East 88th Street is already about 80 percent leased, with rents averaging above $150 per square foot, and we also topped out on our rental building on First Avenue in November. 

Downtown, we are working on a highly anticipated garage-to-condo project at 60 North Moore Street, which will introduce a boutique building of ultra-exclusive residences. This year we’ve also made movement with our national expansions, including in Raleigh and Durham, N.C., as well as the Wynwood district of Miami.

What has been the firm’s most significant project of the last year?

125 West 57th has been the crown jewel of Alchemy’s projects in the past year. It was an enormously complex undertaking, combining the Calvary Baptist Church with new office spaces to create a one-of-a-kind mixed-use space. 

Each office floor is approximately 10,000 square feet, with high ceilings and many with unobstructed views of Central Park. There were significant construction and logistical challenges, but the result has been extremely rewarding. The building has received strong market reception and industry recognition.  

What has been a significant headwind for Alchemy, and how did the firm deal with it? 

Interest rates have certainly been a significant headwind. It’s something we can’t control — however, what we can control is how we manage them. Every real estate deal is sensitive to the cost of capital, so we’ve remained focused on fundamentals and securing equity for the right opportunities. The key is adapting to the market while continuing to pursue projects with long-term value.

In which markets does Alchemy currently develop residential assets, and which location presents the most logistical challenges? 

We currently have projects in Florida, North Carolina and New York. Every market has its own quirks, from the development and approval process to local construction and operating dynamics. North Carolina is nothing like Florida, and Florida is nothing like New York City. 

We’ve learned to adapt by building strong local teams and keeping our principals closely involved. That approach has allowed us to develop a real understanding of each market rather than applying a one-size-fits-all model.

Is there a market Alchemy has been wanting to get into but hasn’t? 

No. We are New Yorkers at heart. While we are excited to expand into new markets, such as Raleigh-Durham and Wynwood, we continue to see tremendous opportunity in New York City. In many ways, the opportunities here are the most compelling because they are often so complex — something other developers may see as too challenging, but we see as exciting.

Lightning Round:

Your AI platform of choice? Gemini.

Who would play you in a movie? James Stewart.

One prompt you’d never give AI. I’d never ask AI advice on how to run my business.

Jalen Brunson or Aaron Judge? Jalen Brunson.

“Oppenheimer” or “Odyssey”? “Oppenheimer,” because it’s much more intellectually stimulating.

Tom Holland, Andrew Garfield or Tobey Maguire? Tobey Maguire.

Have you ever eaten pizza with a knife and fork? All the time.

The most money you’ve ever spent on a hamburger? $35.

Bank or non-bank? Whichever one reads the documents.

Last book you read? My book club just finished up The Director.

Borrowing costs — up or down in 2027? Hopeful they go down.

What was your nickname when you grew up/started out? Kenny.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) Our home in Bedford, N.Y.