Alchemy Properties and ABR Partners to develop NYC mixed-use building

Chelsea 23rd Realty has plans to develop 258–278 Eighth Ave., a 190-unit, 210,000-square-foot mixed-use project to be built in the Chelsea neighborhood of New York City.

Square Mile Capital Management recently closed $183 million in construction financing.

Alchemy-ABR Investment Partners, which will serve as the co-developer, arranged the project financing. Alchemy-ABR Investment Partners, a partnership between Alchemy Properties and ABR Partners, is a highly experienced real estate developer and operator in New York City, which has been involved in more than 40 developments ranging from high-end luxury condominiums to premier office buildings. 258–278 Eighth Ave. marks the second project financing that the firm has closed on in New York City in the past month, after closing on 125 W. 57th St. at the end of June, which will deliver approximately 185,000 square feet of class A office space in Midtown Manhattan.

Eric Juster, Square Mile Capital vice president,