In two separate transactions, AIR Communities sold four Yorkville walkup buildings, breaking up a development site where it had planned a 51-unit high rise.
In the larger transaction, the partnership of Alchemy Properties and ABR Partners, known as Alchemy-ABR Investment Partners, paid $26.26 million to AIR Communities for the residential walkup buildings 1691 and 1693 Second Avenue, in Yorkville, Manhattan
The buildings have a total of 16 residential units and just over 15,000 square feet of built space. The contract was signed May 19, 2023, and the sale closed on June 29, 2023. The sale was recorded on July 5, 2023.
The two buildings were part of a three-building assemblage on which AIR Communities, formerly AIMCO, filed plans in 2022 for a 51-unit building with the address 1695 Second Avenue, that was on the footprint of 1691 and 1693 First Avenue, as well as 234 East 88th Street.
Alchemy Properties president and founder Kenneth Horn signed on behalf of the buyers. John McGrath, executive vice president at Air Communities, signed for the seller.
At the same time as the sale to Alchemy-ABR, AIR Communities sold two smaller walkups, 234 and 236 East 88th Street, to ABJ Properties for $6.95 million. The contract and closing dates were the same as the Alchemy-ABR sale.