News:
Brokerage
Posted: September 18, 2018
Alchemy Properties and Daishin Securities acquire 378 West End Avenue from West End Collegiate for $158 million
Manhattan, NY Alchemy Properties has acquired 378 West End Ave. for $158 million. The subject will be combined with a new building to be constructed at 260-262 West 78th St., which is the former location of Collegiate School. Upon completion, the project will be located on West 78th St. between Broadway and West End Ave. Alchemy is partnering with Daishin Securities, a South Korean investment bank with multiple projects across the United States, to develop this property.
The site will be developed into a residential condominium building that will rise 19 stories on the West 78th St. side, which will be joined with the new 12-story building at 260-262 West 78th St. Architecture firm COOKFOX, known for its commitment to integrated, environmentally responsive architecture and reinterpreting classic landmarks, has been commissioned to design both the exterior and interiors of 378 West End Ave.
Bank OZK is providing pre-construction and construction financing.
Construction will commence in the third quarter of this year. As with Two Fifty West 81st, Alchemy Properties has partnered with Stribling on sales.
“We are excited to expand our work on the Upper West Side and build on the success of Two Fifty West 81st,” said Kenneth Horn, founder and president of Alchemy Properties. “378 West End Ave. is a winning combination for buyers: a new building with a robust amenity offering located in a beautiful and historic district.”
Tags:
Brokerage
MORE FROM Brokerage
Retreat at 490 Wheeler Rd. in Hauppauge
Hauppauge, NY Robert Raffa and Robert Monahan of Island Associates helped to negotiate a long-term lease for Retreat, a non-profit organization located at 490
Quick Hits
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
