The Manhattan-based firm is waiting on bankruptcy court approval to purchase the site on 117-119 W. 21st St., between Sixth and Seventh avenues, The Real Deal reported. The 18,608-square-foot lot currently holds a vacant four-story warehouse. The site, adjacent to a 52-unit luxury development Indigo Condominiums, has 32,489 square feet of buildable residential, commercial, retail or hotel space.
The previous owner, The Arc Building, fell into debt and retained Eastern Consolidated to sell the lot. If the sale is approved, the property will be traded without liens, and the all-cash $12 million will cover the original principal balance of the loan of $5.5 million.
Alfa Development’s most recent project is the 51-unit condo Chelsea Green at 151 W. 21st St., where 90 percent of the apartments are in contract, selling for about $1,600 per square foot. “Given our sales success with Chelsea Green, we felt incredibly confident about this neighborhood and this particular block,” Alfa Development CEO Michael Namer said in a statement.