D
eveloper Alchemy-ABR is reviving a long-stalled Upper East Side project. Led by Ken Horn, the Midtown-based company has filed plans for a 28-story mixed-use building at 1484 First Avenue between East 77th and 78th streets. The proposed property would stand 366 feet tall and encompass 161,000 square feet.

    The development would feature 86 residential units, although it's unclear if they will be rentals or condominiums. Retail space is planned for the ground floor. Alchemy-ABR also owns the adjacent site at 1482 First Avenue and has filed demolition permits for both parcels. The developer initially proposed a total of 137 units across the combined lots.

    However, a spokesperson clarified that the project's overall design envisions fewer than 100 units. The company acquired the properties through an off-market deal worth $20.8 million for 1484 First Avenue and $8.3 million for 1482 First Avenue. Alchemy-ABR has also spent over $10 million on development rights.

    The site at 1484 First Avenue was previously occupied by Weill Cornell Medicine but has been vacant for years, while the adjacent property spans 7,100 square feet. This deal marks a significant move for Alchemy-ABR, which is known for its luxury condo projects and has developed over 3 million square feet in this category.