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Acquisitions

FBE buys 2001 Story Avenue

Related is the seller for $88 million. This marks a $22 million dollar profit after it acquired the properties in 2015.

2001-2045 Story Avenue (Credit: Google Maps / TRD)

Abraham Fruchthandler’s FBE Limited has acquired 2001 Story Avenue (AKA 2001-45 Story Avenue) in the Bronx from the Related Companies for $88 million, according to TRD. The two multi-family properties span a total of 421,833 square feet, and contain 355 apartments.

Acquisition financing: The buyer secured a $63 million loan from Signature Bank to close the deal.

Flashback: Related Fund Management paid Stellar Management $66 million for the Castle Hill properties in 2015. The buildings had previously been part of the Mitchell-Lama Housing Program.

Worth Noting: Fructhandler recently sold 4650 Broadway to Hello Living for $55 million after paying $26 million for the site eight months earlier. The Inwood / Washington Heights development site allows for the construction of approximately 370,039 square feet.

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