The Real Deal reports that Fairbridge Properties bought a 53,000-square-foot office building in Inwood, records filed with the city Tuesday show.
Acadia Real Estate Trust sold the property at 4055 10th Avenue for $30.6 million. Fairbridge, a New Jersey-based investment firm, financed its acquisition with a $24.5 million loan from French financial services firm Societe Generale, according to records.
The building has sextupled in value since Acadia bought it in 2006, when it paid just $5 million.
The building has sextupled in value since Acadia bought it in 2006, when it paid just $5 million.
The property at 4055 10th Avenue falls within the proposed Inwood rezoning area, which if passed by City Council would allow the new owners to build a mixed-use residential project at the site. Fairbridge is not a developer. According to its website, the firm specializes in acquiring “undervalued office” properties.
The property sits on a triangle-shaped lot along West 216th Street near the Harlem River. It’s home to a local office for SNAP, formerly known as the food stamp program.
Spokespersons for neither Acadia nor Fairbridge could be immediately reached for comment.
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