FBE Limited picks up Inwood development site for $26M

Owner Acadia Realty Trust had wanted to put affordable housing on the site, but the City Council killed the rezoning

New York /
Apr.April 20, 2018 04:00 PM

Previous rendering of 4650 Broadway (Credit: Sherman Acadia Ave LLC/DCP)

Abraham Fruchthandler’s FBE Limited paid $26 million for an Inwood development site where two years ago the City Council had quashed a rezoning.

Acadia Realty Trust sold the property at 4650 Broadway, according to property records. The company, in partnership with Washington Square partners, had previously planned a 15-story building with 175 units of affordable housing for the site. It would have been the first project built under the city’s mandatory inclusionary housing program, but the Council opposed the rezoning and voted down the proposal.

Christopher Conlon, Acadia’s COO, said it was simply time to monetize the asset, which it had purchased in 2005 for $18.25 million.

“This was in a fund that is an older fund,” he said. “And it was time to sell the property.”

FBE did not respond to a request for comment about their plans for the property. The company also purchased a 196-unit rental complex near the Bronx Zoo in November for $44.4 million.

Acadia also sold another Inwood property at 4055 10th Avenue to Fairbridge Properties in September for $30.6 million after buying it in 2006 for $5 million. In October, RCR Management bought an 87-unit rental building nearby at 825 West 187th Street for about $33 million.


Related Articles

arrow_forward_ios
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...