Alchemy Properties, Inc. and Alchemy Mortgage Finance, Inc.Alchemy alchemy (ăl`kəmē), ancient art of obscure origin that sought to transform base metals (e.g., lead) into silver and gold; forerunner of the science of chemistry. Properties, Inc. and Alchemy Mortgage Finance, Inc. recently announced the successful restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and resurrection resurrection (rĕz'ərĕk`shən) [Lat.,=rising again], arising again from death to life. The emergence of Jesus from the tomb to live on earth again for 40 days as told in the Gospels has been from the beginning the central fact of of 520-522 W. 50th St., located between 10th and 11th Ave. in the Clinton neighborhood of Manhattan. The property, a forty-unit cooperative, had been in foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. for a number of years with its previous lender. The foreclosure had been a direct result of a sponsor default. Alchemy purchased the first mortgage from the previous lender and restructured the loan with the cooperative. As part of the restructuring, Alchemy took ownership of the unsold units in partnership with the cooperative. Prior to Alchemy's involvement there had not been a sale of a unit in the building for four years. |
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