Alchemy Properties buys 129 W. 20th.

Kenneth S. Horn, president of Alchemy Properties Inc., announces the purchase of 129 West 20th Street in Manhattan, the former GMHC building, for residential conversion.

"This is a very exciting project, as it will not only be our first foray into Chelsea after looking at countless opportunities, but the conversion itself will offer amenities that will have not yet been seen in the market," said Horn. "We expect that, due to the size of the apartments, some of our buyers will desire live/work environments. We are poised to tap into this burgeoning market, as the building will feature, among many amenities, state-of-the-art fiber optic capacity."

Over the last 10 years, Alchemy Properties has been involved in the successful conversion, sale, workout and restructuring of over 150 residential buildings in the New York City metropolitan area.

The property at 129 West 20th Street is a 45,000 square-foot 1920's left building located in the heart of Chelsea on West 20th Street between Sixth and Seventh avenues. The project, as yet unnamed, will be converted into a high-end residential left building to meet the growing demand for condominium ownership in the Chelsea market. Alchemy intends to create 16 spectacular condominium left residences ranging in size from 1,325 square feet to over 3,000 square feet.

Besides its attractive location, the building features oversized windows and high ceilings. The four penthouse units will feature duplexes and private outdoor space for each apartment.

In addition to the state-of-the-art fiber optic capacity, the condominiums at 129 West 20th Street will feature a private health club, private storage area, a children's playroom, meeting facility, and many other luxurious touches. Each left will have oversized windows and excellent light. Alchemy is looking toward a wide range of purchasers by offering such substantial amenities. Pre-marketing of the units is expected to begin shortly.

The brokers involved in the transaction were Paul Rubinstein of D.J. Knight & Company, Ltd., Peter Schwartz of Peter*Ashe, and Noel Berk of Cushman & Wakefield, Inc. Nick Tjartjales of Theo David & Associates will be the architect for the project. Credit Suisse/First Boston Corporation provided the financing for the transaction.

Horn and Alchemy Properties has been extensively involved in the cooperative and condominium arena for over 10 years. Recently, they have moved forward to purchase new residential opportunities in Manhattan and in the outer boroughs. The company has had recent acquisitions of underlying cooperative mortgages and unsold shares in such diverse neighborhoods as Gramercy Park, Clinton, Tudor City, Pelham Parkway in The Bronx, Mineola, Long Island, and Jackson Heights, Queens. Alchemy has also handled the sale of over $60 million of residential units during the course of the last five years.

Presently, Alchemy is actively looking for other residential conversion opportunities, as well as additional purchases of defaulted underlying cooperative mortgages and unsold shares in the New York City area.