Alchemy-ABR Investment Partners, Azur Holdings Management and Carlyle Near Completion on 45-Unit Luxury Tower at 288 East 88th Street

Construction is nearing completion on The Langdon, a 24-story luxury rental tower at 288 East 88th Street on Manhattan's Upper East Side, with delivery targeted for October 2026. The project is being developed by Alchemy-ABR Investment Partners in collaboration with Azur Holdings Management and in partnership with Carlyle.

The roughly 350-foot-tall building will span 96,543 square feet and yield 45 rental units, along with 2,507 square feet of ground-floor commercial space and a cellar level. The property sits at the southwest corner of East 88th Street and Second Avenue in the Yorkville section of the Upper East Side.

Project Details and Design

The Langdon was designed by Hill West Architects, with Leeding Builders Group serving as general contractor. The site consolidated three five-story buildings that were demolished to make way for the new tower.

Residences are offered in two- to five-bedroom layouts, including full-floor penthouses and terraced units with wraparound skyline views. Interior features include ceilings of approximately 11 feet, oversized windows, walk-in closets, and in-unit laundry. Asking rents range from approximately $12,400 per month for two-bedroom units to approximately $45,000 per month for five-bedroom penthouses.

The building's amenity package includes a fitness center and sports court, a children's playroom, private offices, a terraced lounge, a club lounge, a private screening room, an onsite pet spa, bike storage, a landscaped roof terrace, and a fully attended lobby. The Q train at the 86th Street station along Second Avenue provides nearby transit access.

Capital Stack and Financing

Affinius Capital originated a $79 million construction loan for the ground-up development of 288 East 88th Street. Bank OZK is also listed as a lender on the project, and Walker & Dunlop is cited among the financial team. At 96,543 square feet and 45 units, the construction loan equates to roughly $818 per square foot and approximately $1.76 million per unit in debt financing.

Market Context

The Langdon represents a low-density, large-format rental product in a submarket where new ground-up luxury multifamily supply remains limited. With unit sizes ranging up to five bedrooms and penthouses commanding rents of up to $45,000 per month, the building targets households seeking the scale and amenity programming typically associated with for-sale condominium product, but in a rental format.

The Upper East Side's Yorkville corridor has seen renewed development interest in recent years, supported by the Second Avenue Subway's Q train extension, which provides direct access at the 86th Street station adjacent to the property. The Langdon's positioning — large units, extensive amenities, and a high-rise format on a corner site — reflects a broader trend among institutional developers pursuing ultra-luxury rental product in established Manhattan neighborhoods.

Development Team

Alchemy-ABR Investment Partners, an affiliate of Alchemy Properties, focuses on ground-up, cash-flowing, and value-add commercial and multifamily opportunities in the New York metro area and South Florida. The firm developed The Langdon in collaboration with Azur Holdings Management, with Carlyle participating as a capital partner. Hill West Architects handled design, and Leeding Builders Group served as general contractor.

Completion is slated for October 2026.