The Real Deal New York

FBE flips Inwood site for more than doubled what it paid

The buyer is Brooklyn-based firm Hello Living
By Christian Bautista | November 12, 2018 12:30PM

Eli Karp and a rendering of 4650 Broadway (Credit: Hello Blueprint and Sherman Acadia Ave LLC/DCP)

Abraham Fructhandler’s FBE Limited just sold an Inwood development site for more than twice what it paid in April.

Brooklyn-based development firm Hello Living bought 4650 Broadway for $55 million, more than twice the $26 million FBE paid in to buy the site in April.

Hello Living is planning a mixed-use development with 272 residential units on the site, which offers 370,000 buildable square feet. The building will be called “Hello Broadway” once it’s completed. It marks the company’s first Manhattan acquisition.

The property, which is located next to Fort Tryon Park, is currently a two-story parking facility that spans 75,000 square feet, according to city data. It was previously owned by a partnership between Acadia Realty Trust and Washington Square Partners, which filed permits for a 15-story, 175-unit affordable housing building at the site. The firms cashed out after the local community board voted down a rezoning proposal under the city’s mandatory inclusionary housing program.

According to an announcement from Hello Living, 30 percent of the apartments will be affordable. The project will also include 49,000 square feet of commercial space and 140,000 square feet for a community facility. GreenbergFarrow is the architect of record for the project.

“We are thrilled to embark on our first project in the sought-after borough of Manhattan,” said Eli Karp, the CEO and founder of Hello Living. “As we enter this new area, we are committed to adding to the landscape of what makes Inwood unique.”

Inwood was rezoned in August, with the goal of bringing 5,000 new units of housing to the neighborhood.

Hello Living, which is known for luxury condo projects in Crown Heights and Prospect Park, owns 13 properties throughout Brooklyn. The firm is currently building “Hello Sutter,” a seven-story, 52-unit rental building at 2013 Sutter Avenue in Brownsville.