Alchemy Properties Inc. is actively seeking assignments with financial institutions regarding their NYC-area problem "legacy" residential real estate projects. We have a long track record of maximizing value for financial institutions regarding defaulted residential projects dating back to 1990.
Alchemy has consulted on over 150 residential real estate projects all over the New York City Tri-State area, from 1990 - 2008 with such institutions as Centre Re, Credit Suisse First Boston, JER Partners, Citibank, Apple Bank, Dime Savings Bank, City Investment Fund, Ramius Capital and Goldman Sachs.
Centre Re – Alchemy Properties Inc. Reo Consulting – A Recent Successful Workout
Alchemy Properties Inc. was hired by Centre Re in 2005, a subsidiary of Zurich Insurance Company, to restructure and sell over Four Hundred (400) defaulted condominium and cooperative units spread across Thirty Nine (39) buildings in Manhattan, Brooklyn, Queens, and New Jersey. Centre Re had made a loan in excess of Fifty-Five Million ($55,000,000) Dollars to the purchaser of this portfolio which was in default in a multitude of ways. Alchemy's role was to ascertain the value of the units, understand who actually owned them and ultimately coordinate all of the legal and marketing efforts to allow Centre Re to extract as much value from the portfolio as possible. As could be expected, the units were owned by separate entities and each building presented an array of problems in terms of figuring out how to maximize their value.
After much research, coordination and intense marketing, Alchemy was able to spearhead an effort which allowed Centre Re to recover One Hundred (100%) Per cent of its outstanding loan balance in about a Three (3) year period. The legal, tax, and marketing challenges in the wide portfolio were enormous as each building presented a different set of circumstances and issues such as rent stabilization, tenant litigation, MCI disputes, illegal sublets, fraudulent Offering Plan Amendments, renovations, and entity bankruptcies. However, working closely with legal counsel and by bringing in local brokers who knew the individual buildings, Alchemy was able to take an extremely difficult situation and ultimately yield a very positive recovery for Centre Re. Sales included both vacant and tenant occupied units as Alchemy moved ahead with individual tenant reofferings in each building (via Amendments filed with the NY State Attorney General's Office) and also sold several of the remaining unsold units to investors as well. The skill set used to coordinate and recover value on this diverse project brought in Alchemy's diverse experiences in handling such a difficult and interesting portfolio of units.
CENTRE RE INSURANCE COMPANY
Defaulted Residential Portfolio Handled By Alchemy Properties Inc.
2005-2007
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| 1 | 295 West 11th Street | Coop | 20 | $1,376,500 | Sold | ||
| 2 | 270 West 11th Street | Coop | 11 | $1,210,475 | Sold | ||
| 3 | 166 East 92nd Street | Coop | 9 | $718,250 | Sold | ||
| 4 | 1235 Park Avenue | Condo | 5 | $3,140,475 | Sold | ||
| 5 | 1060 Park Avenue | Coop | 8 | $3,756,125 | Sold | ||
| 6 | 340-42 West 19th Street | Coop | 6 | $440,000 | Sold | ||
| 7 | 319 East 50th Street | Coop | 28 | $2,104,375 | Sold | ||
| 8 | 310 East 49th Street | Coop | 6 | $548,250 | Sold | ||
| 9 | 56 East 87th Street | Coop | 4 | $2,961,250 | Sold | ||
| 10 | 64 East 94th Street | Coop | 2 | $249,750 | Sold | ||
| 11 | 301 East 87th Street | Coop | 5 | $867,250 | Sold | ||
| 12 | 193 Second Avenue | Coop | 4 | $1,152,500 | Sold | ||
| 13 | 43 Fifth Avenue | Coop | 2 | $425,000 | Sold | ||
| 14 |
Park Vendome (340-350 West 57th Street) |
Condo | 3 | $302,125 | Sold | ||
| 15 | 333 Central Park West | Coop | 4 | $2,362,500 | Sold | ||
| 16 | 345 East 93rd Street | Coop | 14 | $1,764,250 | Sold | ||
| 17 | 215 West 91st Street | Coop | 17 | $4,091,875 | Sold | ||
| 18 | 35 East 30th Street | Coop | 5 | $527,625 | Sold | ||
| 19 | 1-6 Birchwood Court | Coop | 18 | $1,204,050 | Sold | ||
| 20 | 444 East 57th Street | Coop | 2 | $2,315,625 | Sold | ||
| 21 | 923 Fifth Avenue | Condo | 6 | $2,165,750 | Sold | ||
| 22 | 58 West 58th Street | Condo | 9 | $2,647,250 | Sold | ||
| 23 | 14 Horatio Street | Coop | 10 | $1,255,725 | Sold | ||
| 24 | 50 East 72nd Street | Condo | 10 | $3,686,925 | Sold | ||
| 25 | 2 Grace Court | Coop | 23 | $2,821,250 | Sold | ||
| 26 | 30 West 90th Street | Coop | 6 | $1,400,875 | Sold | ||
| 27 | 7002 Ridge Blvd. | Coop | 13 | $751,000 | Sold | ||
| 28 | 244 Riverside Drive | Coop | 11 | $1,062,075 | Sold | ||
| 29 | 323-327 West 11th Street | Coop | 7 | $661,375 | Sold | ||
| 30 | 188 East 75th Street | Coop | 2 | $169,625 | Sold | ||
| 31 | 127 West 79th Street | Coop | 7 | $695,000 | Sold | ||
| 32 | 2 Tudor City Place | Coop | 12 | $1,457,000 | Sold | ||
| 33 | 2 Tudor City Place | Coop | 23 | $3,022,625 | Sold | ||
| 34 | Woodcliff Gardens, NJ | Coop | 35 | $1,133,250 | Sold | ||
| 35 | 42-65 Kissena Blvd, Queens | Condo | 10 | $456,500 | Sold | ||
| 36 | 137-05 Franklin Avenue, Queens | Condo | 9 | $375,200 | Sold | ||
| 37 | 735 Avenue W, Brooklyn | Coop | 5 | $225,200 | Sold | ||
| 38 | 144-70 41st Avenue, Queens | Coop | 17 | $841,375 | Sold | ||
| 39 | 1717 East 18th Street, Brooklyn | Coop | 21 | $1,190,150 | Sold | ||
| 39 | 1717 East 18th Street, Brooklyn | Coop | 409 | $57,535,925 | Sold |
