Acadia is the seller
Abraham Fruchthandler’s FBE Limited has acquired 4650 Broadway on the border of Inwood and Washington Heights from Acadia Realty Trust for $26 million, according to TRD.
Dig Deeper: Acadia was looking to build a 500,000-square-foot residential tower in exchange for setting aside units for affordable housing under the mayor’s new inclusionary housing policy (MIH).
But… The City Council voted down the rezoning, so it made sense for Acadia to sell now. Acadia paid $18.25 million for the development site in 2005. Nice long term play by Fruchthandler.