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Deals & Dealmakers

Ken Horn taking Alchemy to higher investment altitude

 

KEN HORN
KEN HORN

Alchemy Properties, one of New York City’s leading real estate development and investment firms led by president Kenneth Horn, principal Joel Breitkopf and partner Alex Saltzman, has announced a new joint venture platform with ABR Partners, LLC to be named Alchemy-ABR Investment Partners (Alchemy-ABR).

Brian Ray, founder of ABR Partners, will oversee the venture as managing partner.

Alchemy-ABR will focus on acquiring and redeveloping unique value-add assets, as well as cash-flowing investment opportunities in the New York metropolitan  region and other select markets.

The platform will target office, multifamily, retail and industrial properties in partnership with strategic institutional partners, private investors and families.

The venture will be an extension of the Alchemy Properties’ brand, but will remain separate from Alchemy’s luxury condominium development concentration.

“This venture is a further realization of our strategic vision to diversify our broader platform, as it incorporates our disciplined development and team-oriented approach to both repositioning and rebranding existing buildings, coupled with what we feel will be prudent financial investments with significant upside for ourselves and our partners,” explained Breitkopf.

JOEL BREITKOPF
JOEL BREITKOPF

“We are excited to be joining forces with Brian, a talented investor, acquisitions professional, operator and developer. We feel that our combined brands, longstanding relationships and collective reputations within the marketplace will lead to some very creative and interesting opportunities together.”

The new partnership just closed its first deal together, acquiring 211 East 43rd Street, a 211,000 square foot s/f office building located in the Midtown East section of Manhattan.

The new owners intend to complete a full repositioning of the asset including an overhaul of the 43rd Street lower façade, upgrading the fire and life safety systems, and implementing an ambitious tenant-friendly turn-key, pre-built space program. Through this strategy, the new owners will provide full and half-floor offerings to the most robust tenant size requirement in the market ranging from 3,000-11,000 s/f.

“We are very excited to announce our first acquisition under the new Alchemy-ABR Investment Partners platform,” said Ray in a press release. “211 East 43rd Street represents an excellent opportunity to purchase a Midtown Manhattan office building at an attractive basis, just blocks from Grand Central Terminal and the United Nations, providing significant upside in leasing the remaining vacancy.”

Breitkopf added, “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.”

Ownership has retained Avison Young as the building’s exclusive leasing agent and property manager.

Headquartered in Manhattan, Alchemy Properties is a privately held real estate development and investment firm that is actively engaged in acquisitions, development, financing, repositioning, marketing, leasing and sales.

Since the firm’s inception in 1990, it has delivered over two million square feet of multifamily and condominium residences with a sellout value in excess of $2 billion. Alchemy’s vertically-integrated staff currently develops and directs a diverse New York metro area real estate portfolio, including the Woolworth Tower Residences, 35XV, Sackett Union and Griffin Court.

ABR Partners, LLC is a New York-based real estate investment and development company focused on the acquisition, development and asset management of commercial, residential, and retail real estate assets in key markets of the United States.

Recent projects include 429 East 75th Street, L.I. City Lofts, 318 West 47th Street, 287 Park Avenue South, 555 West End Avenue and Bacalar Beach Resort in Ambergris Caye, Belize.

 

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