Alchemy Properties has teamed up with ABR Investment Partners to form a joint venture focusing on buying value-add properties in the New York City area.
Alchemy, led by president Kenneth Horn, principal Joel Breitkopf, and partner Alex Saltzman, formed the partnership with ABR Partners, led by Brian Ray, as an extension of the Alchemy Properties brand, but the venture will remain separate from Alchemy’s focus on luxury condo development.
“We are thrilled to be joint venturing with Clarion Partners. They bring tremendous value and insight to our repositioning strategy and we are collectively eager to implement our vision while enhancing the property’s value for our investors,” said Breitkopf.
Ray, founder of ABR Partners, a New York-based real estate investment and development company, will oversee Alchemy-ABR as managing partner.
“We’re off to solid start,” Ray told Real Estate Weekly. “We have a very deep pipeline. We have a few off-market office acquisitions, some family and retail in the works. We have a lot of action going on, and are trying to be selective and smart.”
The venture will be focusing on purchasing and redeveloping value-add properties, as well as investment opportunities in the New York metropolitan region. They will focus on office, multifamily, retail and industrial properties.
“We’re casting a pretty wide net,” said Ray. Adding that the venture will look for properties in Manhattan and the outer boroughs, but will also have an eye on South Florida and other strong markets, such as Washington D.C., Philadelphia, and Boston.
Friends for many years, Ray, Horn and Breitkopf had many discussions about forming a venture together, and had already worked on a few deals together.
The new venture announced its first deal, acquiring 211 East 43rd Street in a joint venture with Clarion Partners.
The 211,000 s/f Midtown East building will undergo a repositioning including an overhaul of the 43rd Street lower façade and implementing a turn-key, pre-built space program, which will offer full and half-floor offerings to prospective tenants, ranging from 3,000 to 11,000 s/f.