Alchemy Ventures files to rehab 9 units following $32M West Village walkup purchase
142 West 4th Street (Credit - Google)
Alchemy Ventures on August 16, filed plans for a $729,400 rehab of a building at 142 West 4th Street in West Village, Manhattan. Samuel Kooris, principal and co-founder of Alchemy Ventures, filed the plans. Another general contracting plan for other units totaling $563,550 was filed earlier in the year.
The plan call for a rehab of the 70-foot-tall, six-story building and were filed with the New York City Department of Buildings under job number M00793876.
The project is described in the filing as: work to apartments 1, 5, 9, 10, 12, 18, 19, 20, 22 of an existing 24-family, 6-story building. Alterations to consist of interior partition work. No change to zoning, use, egress, or occupancy under this application.
The architect listed is Sa-Da Architecture.
The property was acquired with two other properties for $32 million on December 27, 2021.
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Property
The 144 West 4 Street parcel has frontage of 32 feet and is 109 feet deep with a total lot size of 3,542 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the South Village Historic District. The city-designated market value for the property in 2022 is $5.9 million.The most recent loan totaled $25.1 million and was provided by Fortress Investment Group on 2021-12-27 00:00:00.
The walkup building in Greenwich Village has 16,686 square feet of built space according to PincusCo analysis of city data. The property is owned by Alchemy Ventures.
The 16,686-square-foot property generated revenue of $1.1 million or $65 per square foot, according to the most recent income and expense figures.
According to city public data, the property has received 10 housing violations and $130 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property since September of 2020.
On this tax block, PincusCo has identified the owners of seven of the 26 commercial properties representing 123,211 square feet of the 327,446 square feet. The largest owner is New York University, followed by Alchemy Ventures and then NOAM ENTERPRISES INC. of ATTN: AVA HAREL. There are no active new building construction projects on this tax block.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
Over the past five years, there have been two NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were two renovation/alteration projects (A2) applied for with a total estimated value of $631,550.
The PincusCo database currently indicates that Alchemy Ventures owned at least 44 commercial properties in New York City with 387,115 square feet and a city-determined market value of $97.8 million. (Market value is typically about 50% of actual value.) The portfolio has $62.9 million in debt, with top three lenders as Fortress Investment Group, Citibank, and Ready Capital respectively. Within the portfolio, the bulk, or 85 percent of the 387,115 square feet of built space are walkup properties, with mixed-use properties next occupying 15 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.
Within a 400-foot radius of 144 West 4 Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months. One of those seven items was a sale which A Mighty Elk Arrives, LLC bought the 4,636-square-foot, one-unit townhouse (A4) on 76 West Washington Plce for $16.4 million from Elizabeth H. Whitman on August 25, 2021. Of those seven items, six were loans above $5 million totaling $76.5 million. The most recent of the six was A&R Kalimian Realty which borrowed $10 million from Dime Community Bank secured by the 4,300-square-foot, three-unit mixed-use building (S2) on 321 Avenue Of The Amer and three other properties on August 3, 2022.
The owners according to the Department of Housing Preservation and Development includes Alexander Horn, head officer and Marcos S, site manager. The business entity is Keystone 140-142 West Fourth Llc.