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.
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.
