Kenneth Horn’s Alchemy Properties, in partnership with private equity firm the Carlyle Group, picked up an Upper West Side retail building for $51 million, with plans to tear it down and build a residential condominium tower, sources told The Real Deal.
The site at 2251-2259 Broadway, also known as 250-256 West 81st Street, holds a three-story property with nearly 20,000 square feet. But it offers 94,000 buildable square feet, allowing for a sizable residential building in its place.
It’s not yet clear exactly how tall the new building will be.
Essentials, the variety store in the corner space, vacated last year, as did a Corcoran office in the building.