Alchemy Properties set to renovate Rambusch Building.

A subsidiary of Alchemy Properties, Inc., 36-40 West 13th Residential LLC, has acquired The Rambusch Building at 36-40 West 13th Street, one of Greenwich Village's most recognizable commercial buildings, for conversion to luxury loft condominiums.

Purchased for $5.4 million from a subsidiary of Affirmative Equities Corporation, The Rambusch Building is the fourth purchase by an Alchemy affiliate this year. The company is responding to the surging demand for large, innovative luxury residences in intimate buildings by developing lofts and townhouses in Chelsea, Greenwich Village and Gramercy Park.

"The City's residents have generated a renaissance for apartment living, with larger homes in intimate buildings leading the way," said Kenneth Horn, Esq., president of Alchemy and the development partner for 36-40 West 13th Street, the owner of The Rambusch Building. "Large, open rooms, access to outdoor spaces and top-quality finishes characterize the properties in the greatest demand. In addition to creating these features for our purchasers, we also have preserved the architectural and historic importance of our products. The Rambusch Building - on one of the most romantic blocks in the Village - will perhaps be one of our finest efforts in this regard, as its beauty and singular style cannot be duplicated in today's market."

The Rambusch Building originally was constructed as a factory for the Rambusch family, New York's world-renowned stained-glass manufacturer. Expanded twice, Alchemy will convert the now 30,000 square-foot commercial building to seven luxury condominium lofts priced from $998,000 to $1.95 million.

The company has received permission from the New York State Attorney General's Office and the New York Department of Buildings to start the conversion, renovation and restoration process.

"Once we have converted this building, it will be one of the most sought-after residential condominium lofts in New York City," said Horn. "This will be one of the first high-end condominium loft complexes in Greenwich Village in quite some time. The combination of large, light spaces and attention to the finishes should create wonderful loft residences in the heart of the Village."

One unique feature of The Rambusch Building is that there are windows on all four sides, rather than two in a traditional loft, according to Horn. "Some units have up to 18 windows, and three of the lofts feature large private outdoor spaces - the largest being the 1700 square-feet of roof and terrace space belonging to the penthouse. Another duplex unit actually has two terraces on each of its levels."

The Rambusch Building will feature seven loft condominiums of 2,610 to 2,880 square feet that can be expanded to three bedrooms, and possibly four bedrooms. Two fully built bedrooms and two fully finished baths will be delivered. In addition to the voluminous light from the building's many windows, each of the lofts is accessible by direct private elevator access. Each apartment will also have an open kitchen with black granite countertops, stainless steel appliances, maple color cabinets, central heating and air-conditioning, a utility room equipped with a washer and dryer, and video intercom security.

"A modern loft development with all the extras in the heart of Greenwich Village's most intimate neighborhood is a rare commodity," said Horn. "I cannot think of a project in recent memory that has the same allure that the Rambusch Building will have after it is renovated."

Alchemy estimates the cost of refurbishing the building at $1.3 million. Bruce Cutler of Hustvedt Cutler, the New York architects, are designing the renovation. Two 6,000 square-foot commercial spaces an the building's ground floor will continue to operate as commercial space.

Alchemy Properties, Inc. was formed in 1990 to develop real estate in the New York metropolitan area, and to assist banks, lenders, developers and other groups who acquired title to cooperative and condominium apartments with workouts and the restructuring of loans. The company, in partnership with a Wall Street firm, is currently converting two commercial loft buildings to condominiums in Chelsea, and will be closing on the purchase of a townhouse in Gramercy Park which will be converted to five townhouse-style luxury apartments, each at least 2,700 square feet, plus personal outdoor space for each unit.