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419 and 421 Marcus Garvey Blvd., Brooklyn, NY 419 and 421 Marcus Garvey Blvd., Brooklyn, NY

NEW YORK CITY—Alchemy Ventures is betting on Bed-Stuy to achieve higher rents. The company invested in the Bedford-Stuyvesant, Brooklyn neighborhood, acquiring nine buildings from IWC General Partner for $24.5 million. Between 2012 and 2014, the seller had acquired the portfolio for approximately $16 million.

The properties are located at 879 DeKalb Ave., 829 Halsey St., 804, 808 and 814 Macon St., 319 Malcolm X Blvd., 419 and 421 Marcus Garvey Blvd. and 654 Putnam Ave. Together they have a total of 81 units, across 52,136 square feet. Roughly half of the units are rent-stabilized. The remainder are either destabilized or vacant.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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