Inwood development site allows for 370K SF
Eli Karp’s Hello Living has entered into contract to acquire 4650 Broadway from Abraham Fructhandler’s FBE Limited and Adam America Real Estate for $55 million, according to TRD. The development site is located on the border of Inwood and Washington Heights, and allows for the development of approximately 370,039 SF.
What comes next: Hello Living is planning a mixed-use project. It will include 272 apartments, 49,000 SF of commercial space, and a community facility component (140,000 SF). 30 percent of the residential units will be affordable.
The Play: Opportunity zone funds are making an impact… Since the development site falls in a zone, Karp is seeking investment from such funds. The project is estimated to cost around $190 million.
Flashback: Fruchthandler paid $26 million to Acadia Realty Trust and Washington Square Partners for the site in April. This was after the local community board voted down the rezoning proposal for the project two years ago. Karp will not seek any specific rezonings and will build as-of-right.
Update: Hello Living never closed on the deal, and the site was acquired by Arden Group.