Alchemy-ABR signs $127.2M construction loan with Helaba for 86-unit dev site in Lenox Hill
1484 1st Avenue (Credit - Cyclomedia)
Alchemy Properties in partnership with ABR Partners, known as Alchemy-ABR Investment Partners through the entity East 77 Property Owner LLC as borrower signed a new construction loan with lender Helaba through the entity Landesbank Hessen-Thuringen Girozentrale valued at $127.2 million for the 86-unit residential apartment project at 1484 First Avenue in Lenox Hill, Manhattan.
On the lot, there is one active new building construction project, M01128646, for an 86-unit, 160,633 square-foot residential (R-2) building. The project was submitted by Alchemy Properties and filed by Joel Breitkopf with plans filed November 25, 2024 and it has not been permitted yet.
The deal closed on February 26, 2026 and was recorded on March 6, 2026.
The owner bought the property on August 28, 2024, for $20.8 million. The signatory for Alchemy Properties , ABR Partners, and Alchemy-ABR Investment Partners was Kenneth Horn .
Latest Alchemy-ABR Stories:
• $65M pre-foreclosure filed at Alchemy-ABR’s Grand Central office tower (October 17, 2025)
• Alchemy-ABR files plans for 86-unit building in Lenox Hill (November 27, 2024)
• Alchemy-ABR pays $34.2M for dev site, air rights, in Lenox Hill (September 09, 2024)
• RYCO Capital signs $78.7M refi for nine properties in Manhattan (March 21, 2024)
The property
The specialty building in Lenox Hill has 13,600 square feet of built space and 33,417 square feet of additional air rights for a total buildable of 47,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 94 feet deep with a total lot size of 4,700 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $625 in ECB penalties, and $700 in OATH penalties in the last year.
The neighborhood
In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the 2nd highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Lenox Hill has near average amount of major developments among other neighborhoods and is the 22nd highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 20 of the 31 commercial properties representing 280,495 square feet of the 407,449 square feet. The largest owner is Abro Management, followed by Alchemy Properties and then Caiola Family.
On the tax block, there were three new building construction projects totaling 218,480 square feet. The largest is a 86-unit, 160,633 square-foot residential (R-2) building submitted by Alchemy Properties and filed by Joel Breitkopf with plans filed November 25, 2024 and it has not been permitted yet. The second largest is a 16-unit, 28,923 square-foot residential (R-2) building submitted by Urban Spring Capital and filed by Jack Ezra with plans filed October 6, 2023 and permitted December 5, 2024.
The majority, or 51 percent of the 407,449 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.
The borrower
The PincusCo database currently indicates that Alchemy Properties owned at least five commercial properties with 45 residential units in New York City with 415,051 square feet and a city-determined market value of $92.7 million. (Market value is typically about 50% of actual value.) The portfolio has $387 million in debt, with top three lenders as JPMorgan Chase, Security Benefit Life Insurance Company, and Signature Bank respectively. Within the portfolio, the bulk, or 46 percent of the 415,051 square feet of built space are hotel properties, with office properties next occupying 43 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Alchemy-Abr Investment Partners owned at least three commercial properties with 45 residential units in New York City with 46,790 square feet and a city-determined market value of $16.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 46,790 square feet of built space are walkup properties, with specialty properties next occupying 29 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Abr Partners owned at least three commercial properties with 45 residential units in New York City with 46,790 square feet and a city-determined market value of $16.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 46,790 square feet of built space are walkup properties, with specialty properties next occupying 29 percent of the space. They are all located in Manhattan.
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