Fruchthandler locks in quick profit
Douglas Patrick’s Heatherwood Communities has acquired a development site at 288 Walton Avenue from the Fruchthandler’s FBE Limited for $16.8 million. The South Bronx warehouse allows for the development of 144,901 residential square feet.
Expect rentals… Heatherwood plans to develop market-rate apartments. The site is located between East 138th and East 140th Streets in Mott Haven.
Flashback: Fruchthandler and Sun Partners paid $7.8 million for the property in 2016. Sun sold its stake to Fruchthandler earlier this year for an undisclosed amount.