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Alchemy Acquires Bed-Stuy Multifamily Portfolio

Alchemy Ventures has purchased a nine-building multifamily portfolio in Brooklyn’s Bedford-Stuyvesant neighborhood for $24.6 million from IWC General Partners. A B6 Real Estate Advisors team of DJ Johnston (pictured), William Cheng and Bryan Kirk arranged the sale.

Included in the 81-unit portfolio were 879 DeKalb Ave., 419 and 421 Marcus Garvey Blvd., 654 Putnam Ave., 39 Malcolm X Blvd., 829 Halsey St. and 804, 808 and 814 Macon St. The portfolio originally went into contract when the team was with Cushman & Wakefield.

“A portfolio sale like this presents a great opportunity to purchase a sizable investment in a consolidated area, while keeping property tax exposure low,” said Johnston. “Negotiating a nine-building portfolio takes time, over six months in this case, and entails a significant amount of due diligence review. Without full transparency and a willingness to work with investors, these transactions are unlikely to succeed in today’s ever-changing multifamily market.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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