Alchemy ABR Secures $127M Loan for 86 Unit Upper East Side Tower at 1482 First Avenue

• Alchemy ABR is developing an 86-unit rental tower on the Upper East Side
• The project is backed by $127 million in construction financing
• Completion is expected by the end of 2027

What Alchemy ABR is building on the Upper East Side

Foundation work is underway at 1482 First Avenue, where Alchemy-ABR is developing a 30-story residential tower. The project will rise 395 feet and span approximately 161000 square feet. The building will deliver 86 rental units, including eight rent-stabilized apartments for residents earning 80 percent or less of the area median income. The development will also include a small amount of ground-floor commercial space. Located at the corner of First Avenue and East 77th Street, the project adds new supply to a highly sought-after Manhattan submarket.

What the financing and site assembly signal

Alchemy ABR secured $127 million in construction financing, split into two loans, to fund the development. The firm assembled the site through multiple acquisitions, including two properties and additional development rights. This level of capital commitment reflects confidence in the Upper East Side rental market, particularly for new construction assets with modern amenities. Demolition of the previous buildings has been completed, and foundation work is progressing quickly, with vertical construction expected to begin soon.

What the design and unit mix mean for renters

Designed by Hill West Architects, the tower will feature a modern facade with glass, brick, and metal paneling. The structure includes multiple setbacks with terraces and balconies, along with a rooftop space. The unit mix and inclusion of rent-stabilized apartments allow the project to target both market-rate and regulated tenants. Amenities and design elements are expected to position the property competitively within the Upper East Side rental market.

What this means for Manhattan multifamily development

This project highlights continued development activity in Manhattan despite high construction costs and financing challenges. Well-located sites with strong transit access remain attractive to developers. The property’s proximity to the Second Avenue subway supports long-term rental demand and leasing performance. For investors, the combination of location, financing, and scale makes this a notable addition to the Upper East Side pipeline.