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Condos at Alchemy’s Upper West Side building may cost $7M on average

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The 18-story building will have just 31 apartments

A plan to bring an 18-story condo at the corner of Broadway and West 81st Street is moving forward, and the The Real Deal has now learned that the developers—Alchemy Properties and the Carlyle Group—are looking at an average apartment price of a whopping $7.29 million.

The developers have submitted an offering plan of $226 million, according to TRD, and since the condo building will have 31 apartments, that works out to over $7 million for the average cost of an apartment here (if the plan is approved). The median sales price of all homes on the Upper West Side sits at $1.6 million right now, according to Zillow, so it’s likely that even the cheapest home at this new development will be on the pricier end.

Located at 250 West 81st Street, the condo will replace an existing three-story building at the site. The development team was able to acquire demolition permits for the site early this year, and work will likely get underway soon. Alchemy and the Carlyle Group spent $51 million to acquire the site, just about a year ago.

Aside from the condos, the building will also have a retail space on the ground floor spanning 11,000 square feet, and a rooftop terrace.