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.
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?
ReplyDeletewhat's the exact address of this new building?
ReplyDeleteI 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.
ReplyDeleteI'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.
ReplyDeleteAndrew, 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.
ReplyDeleteThis 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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