Arden Group pays $54M to Abraham Fructhandler’s FBE Limited and Adam America for development site in Washington Heights

Arden Group through the entity Aqozfi Inwood, LLC paid Abraham Fructhandler’s FBE Limited and Adam America Real Estate’s 4650 Broadway Holdings LLC $54.0 million for 4650 Broadway in Washington Heights. The deal closed on November 12, 2019, and was recorded on November 19, 2019. The transaction consists of 1 parcel, including the tax class garage with two or more stories (G1). The property is 75,000 square feet. The parcel(s) have total development potential of 162,274 square feet.
The average sale price per square foot is $333.

Arden plans to build a mixed-use project with about 300,000 square feet. Capital Property Partners’ Daniel Rahmani brokered the transaction. The last time the property sold was April 17, 2018, for $26,000,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link