Williams-Sonoma/Pottery Barn

117-127 East 59th Street, NYC

An Alchemy Properties Inc. affiliate purchased a 45,000 square foot commercial cooperative on the east side of Manhattan. The space consisted of 4 floors including office and retail with a ground lease of the basement space. The acquisition of the cooperative shares and leasehold space were structured to mimic that of condominium ownership in order to maximize the residual value to the partners. The acquisition was further structured with an incentive for the cooperative corporation to lower maintenance thereby increasing our eventual sale price. The property was sold to the second highest bidder who provided certainty of execution by closing just one week after the 9/11/01 terrorist attack.