The Arden Group has closed on its acquisition of 4650 Broadway from Abraham Fructhandler’s FBE Limited and Adam America Real Estate for $54 million. The development site is located in an opportunity zone on the border of Inwood and Washington Heights.
- Acquisition financing: Arden Group secured a $44 million acquisition loan from Scale Lending to close the deal. The developer is planning to build a 300,000 SF mixed-use development, which will consist of market-rate and affordable rentals, in addition to community facility space and parking, CO noted.
- Flashback: Fruchthandler paid $26 million to Acadia Realty Trust and Washington Square Partners for the site in 2018. This was after the local community board voted down the rezoning proposal for the project two years ago. The buyer will not seek any specific rezonings and will build as-of-right.