The Lookout Hill Condominium

199 State Street, Brooklyn

A substantial real estate owner with a well-located piece of land on the edge of Brooklyn Heights was looking for a joint venture partner. After meeting with approximately 20 developers to structure a joint venture, the owner chose an Alchemy Properties Inc. affiliate to co-develop the building as a condominium. The building was built and 100% sold out just as the condo market started to soften in 2007. We saw the writing on the wall and opted to undercut our competition in order to minimize further market risk and successfully sold all of our inventory.