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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

The Real Deal

Alchemy Recruits Halstead At Griffin Court

By Katherine Clarke

From left: Griffin Court, Alchemy's Kenneth Horn and Steve Kliegerman, president of Terra Development Marketing

With sales underway for more than a year, and the building just recently hitting the 30 percent sold mark, Alchemy Properties has brought in Halstead Property Development Marketing to help sell the remaining units at Hells Kitchen's Griffin Court. The Halstead team, led by Stephen Kliegerman, who The Real Deal recently reported was tapped to be president of Terra Development Marketing, will work alongside Alchemy's existing sales team, headed up by Wendy Triffon. Alchemy announced the decision yesterday, in its first ever sales and marketing collaboration.

Alchemy has been having a tough go of it since launching sales in March 2010 at the 95-unit Griffin Court, offering multiple incentives.

The building has 39 active sales listings, one rental listing and 14 units in contract, according to Streeteasy.com. The studios and one-, two- and three-bedroom units are priced between $735,000 and $3.86 million.

"Sales had not being going as expeditiously as [Alchemy] had anticipated… What we're looking to do is expand their reach, Kliegerman said.

The first 15 to buy in the building had their mansion tax, as well as state and city transfer tax, paid for by the Alchemy. Buyers and brokers who signed contracts before the end of the first month were also offered free iPads and 42-inch flat screen televisions, it was reported at the time. Last September, the developer also announced a 15 percent discount for the next 15 buyers to purchase an apartment in the complex.

In February, the building enjoyed a cameo on "Selling New York" and this month added a series of sculptures in its courtyard by members of the Sculptors Guild. "We're excited to add another dimension to our existing sales team," said Kenneth Horn, president of Alchemy, in a statement. "I have a longstanding relationship with Steve Kliegerman, whom I have known for more than 20 years, and look forward to looking closely with him." An Alchemy spokesperson said the company was unavailable to comment further on the collaboration.

Kliegerman said he expects that the building will sell out by the end of the year. As for why Alchemy ran into problems with this building particularly, he said: "Of course, it's market driven to some extent... It's also in a maturing, up-and-coming location. That neighborhood would have matured faster if the market had not turned in 2008. [Alchemy] built towards the trend."

Wednesday, June 29, 2011