Monday, January 28, 2008

New Alchemy Project On 77th St, Named "Isis", Breaks Ground Tomorrow


Alchemy Properties' 19 story condo project at 77th Street and 2nd Avenue breaks ground tomorrow, and it now has a name, "Isis". The 19 story boutique condo will be cantilevered on 2 sides, and thanks to the air rights purchased from adjacent lots, it will have light on all 4 sides. The apartments will be "family-sized", mainly 2 and 3 bedrooms, but will also have a couple of "spectacular" 4 bedrooms. Alchemy prides itself on pricing a little below market, which if previous projects like Indigo 21 and Oculus are any indication, means a quick sell through while limiting marketing expense. All indications are that prices should be around $1600 per foot, give or take a little. The building will also benefit with 421-a tax abatement. Marketing is expected to begin in late spring of this year.

6 comments:

  1. How is $1,600 a foot on the far UES "below market"? I have heard that Oculus is a slam-dunk success for something like $1,100 a foot. Does Alchemy's work product warrent its good reputation?

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  2. what's the exact address of this new building?

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  3. I think the oculus is more like $1300 a foot at least. I have not done any sales with them but my partner did 2 in Lionhead in Chelsea and one at Gramercy Tavern Bullmoose condo and she said her buyers were very happy. I have someone looking at their building on 58th Street.

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  4. I'm not sure which address they will be officially using, but I believe the official address is 303 East 77th Street. Compared to the condos in the area, which are few, $1600/ft. seems just about right. Word has it that the finishes should be exquisite.

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  5. Andrew, will the finishes be the same as Oculus, Indigo, Hudson Hill or better? I thought Alchemy bought all the same finishes in bulk for all of their projects.

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  6. This seems to be their highest-end building in terms of finishes. It is a great location. Their pricing is usually lower then competitive projects. They sold Oculus and Indigo at something like 10% below market. I have three clients who bought in those buildings.

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