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Alchemy Properties buys UWS development site

Bank of the Ozarks provided the debt for acquisition and development

Development site at 245 West 77th Street (Credit: Quincook)

Ken Horn’s Alchemy Properties and Daishin Securities have acquired an Upper West Side development site from Collegiate Asset Management for $158 million. The three adjacent properties allow for the development of more than 245,000 square feet. With the project having already been approved by the Landmarks Preservation Commission, the partnership will build residential condos. 

Financing Details: Bank of the Ozarks provided a $230 million loan for the acquisition and construction of the site.

Worth Noting: The new 19-story residential condo will be built on 260-262 West 78th Street. It will be connected to the existing building at 378 West End Avenue, and the church will remain at 245 West 77th Street. NYPost reported further details on those plans.

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