Alchemy Properties Acquires Former School on Upper West Side for $158M, Plans to Develop Condos
NEW YORK CITY — Alchemy Properties has acquired the former Collegiate School on the Upper West Side of Manhattan for $158 million. The property, which is located at 378 West End Ave. and 260-262 West 78th St., will be redeveloped into two ground-up residential condominium buildings rising 19 and 12 stories, respectively.
When completed, the project will bring anywhere from 58 to 62 condominium units to the Upper West Side as well as 20,000 square feet of amenities, including an outdoor pool, squash court and fitness center.
Alchemy has partnered with South Korean investment bank Daishin Securities to develop the project. Architectural firm COOKFOX Architects has been commissioned to design both the exterior and interior of 378 West End Ave. Bank OZK provided pre-construction and construction financing for the project.
Construction on 378 West End Ave. is scheduled to start in the third quarter of 2018.
Alchemy Properties recently completed Two Fifty West 81st St., a 31-unit condominium project on the Upper West Side. The project is currently 85 percent sold, according to Alchemy.
— David Cohen