Alchemy Properties has purchased the Sutton East Hotel at 330 E. 57th St. for $52.25 million.
The seller, Lenny Litwin’s Glenwood Management, owns primarily East Side and Downtown rentals, and rarely sells. Alchemy’s principal, Ken Horn, declined to comment through a spokesperson. He is known for creating both new and redeveloped condominiums.
The Sutton East was redeveloped into a long-term stay, all-suite hotel in 1997 by Alan Friedberg. Along with the 85 suites that will likely be combined into larger residential units by Horn, it has an indoor swimming pool, health club and restaurant.
Glenwood was among the developers consortium that backed the Jets bid for the West Side railyards. It had hoped to buy transferable development rights for new area projects. While the Jets bid was accepted, the MTA is holding onto the so-called air rights in an effort to sell them for more than twice as much in the future.