K
en Horn's Alchemy Properties has recently taken on a new project in the Upper East Side, having paid a substantial sum of $33.7 million for a development site. This acquisition was made possible through a private transaction with Parkoff Organization and Prize Network Group for a property consisting of an 88,000-square-foot vacant medical building and a mixed-use building with a Dunkin' Donuts outlet on the ground floor. The sale also includes air rights from two neighboring properties, as per IDRE Commercial Realty's Ido Tzaidi, who was the sole broker involved in the deal.

    The property at 1482 First Avenue has a complex history, having been at the center of a 19-year family legal battle before being sold to an entity linked to Parkoff in 2012 for a cash payment of $3 million. Meanwhile, Prize Network Group took over the deed for 1484-86 First Avenue in 1998, as per property records, which previously housed Weill Cornell Medicine.

    Although Alchemy Properties has declined to comment on their plans for the property, their website boasts of having developed over 3 million square feet of luxury condominiums. In another development, Alchemy is involved in a long-standing dispute over the landmarked West Park Presbyterian Church on the Upper West Side. The developer hopes to obtain a rare hardship exemption from the Landmarks Preservation Commission to demolish the dilapidated church and construct a market-rate apartment building in its place.

    In a separate story, there's a fascinating account of Ken Horn's Woolworth Building buy, his childhood in Crown Heights, and his chain of gelato shops. This article provides a unique perspective on Horn's business ventures beyond his work with Alchemy Properties.

    Lastly, there's a concern among residents about the potential for future demolitions in light of the West Park Presbyterian saga. This article explores the implications of Alchemy's plans for the church site and how it might set a precedent for other developers in the area.