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.