Alchemy Ventures pays $10.8M to Arbor for 8-unit walkup in East Village

The Horn family’s Alchemy Ventures through the entity 151 Avenue A Owner LLC paid $10.8 million to Arbor Multifamily Acquisition Company through the entity 151 Avenue A Member LLC for the eight-unit residential walkup building (C7) at 151 Avenue A in East Village, Manhattan.
The deal closed on March 14, 2025 and was recorded on March 24, 2025. The property has 9,634 square feet of built space and 2,261 square feet of additional air rights for a total buildable of 11,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,115 and the price per buildable square foot is $903 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on June 27, 2018, for $9.5 million. The signatory for Arbor Multifamily Acquisition Company was Maurice Kaufman. The signatory for Alchemy Ventures was Kenneth Horn. The contract date was December 4, 2024.

Alchemy Ventures financed the purchase with a $7.5 million originated by Walker & Dunlop.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alchemy Ventures purchased five properties in four transactions for a total of $56.9 million and sold one property in one transaction for a total of $6 million over the past 24 months.
The seller Arbor Multifamily Acquisition Company had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes William O’Conner, head officer and Joshua Potash, agent. The business entity is 151 Avenue A Property Llc.

The property

The residential walkup building with 8 residential units in East Village has 9,634 square feet of built space and 2,261 square feet of additional air rights for a total buildable of 11,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 113 feet deep with a total lot size of 2,975 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.2 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 $2,650 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 27 of the 37 commercial properties representing 234,106 square feet of the 346,552 square feet. The largest owner is Nuchem Obstfeld, followed by Icon Realty Management and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 346,552 square feet of built space are walkup buildings, with specialty buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Arbor Multifamily Acquisition Company owned at least two commercial properties with 16 residential units in New York City with 12,386 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $7.4 million in debt, borrowed from Webster Bank. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Alchemy Ventures owned at least 43 commercial properties with 396 residential units in New York City with 351,390 square feet and a city-determined market value of $91.5 million. (Market value is typically about 50% of actual value.) The portfolio has $57.4 million in debt, with top three lenders as Signature Bank, Citibank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 80 percent of the 351,390 square feet of built space are walkup properties, with elevator properties next occupying 11 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Manhattan next at 20 percent of the space.

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