Finance mortgage partnership

Alchemy Properties, Inc. and Alchemy Mortgage Finance, Inc. recently announced the successful restructuring and resurrection of 520-522 W. 50th St., located between 10th and 11th Ave. in the Clinton neighborhood of Manhattan. The property, a forty-unit cooperative, had been in foreclosure for a number of years with its previous lender. The foreclosure had been a direct result of a sponsor default.

Alchemy purchased the first mortgage from the previous lender and restructured the loan with the cooperative. As part of the restructuring, Alchemy took ownership of the unsold units in partnership with the cooperative. Prior to Alchemy's involvement there had not been a sale of a unit in the building for four years.