Hello Living’s first foray into Manhattan development will be a pricey one. The Brooklyn-based full-service real estate development firm announced earlier this week their plans to acquire 4650 Broadway in Inwood. If that address rings a bell, it’s because FBE Limited purchased the site this past spring from Acadia Realty Trust for $26 million. At $55 million, Hello Living paid more than twice that for 370,039 buildable square feet.
After two weeks of haphazard fits and starts and a confrontational protest with tenant activists, City Council Member Ydanis Rodriguez and the City Council Land Use Committee unanimously disapproved a plan to rezone the corner of Broadway and Sherman avenues, which would have paved the way for the construction of a 15-story apartment building known as Sherman Plaza.
Washington Square Partners and Acadia Realty Trust want to build a 23-story apartment building at 4650 Broadway, right next to Fort Tryon Park and the Cloisters in Washington Heights. But first, they need a major upzoning from the city. YIMBY uncovered renderings of what the 500,000-square-foot tower could look like in newly posted zoning documents.
The Uniform Land Use Review Procedure (ULURP) has officially kicked off for the proposed 23-story, 335-unit mixed-use building at 2 Sherman Avenue, in the Fort George section of Washington Heights, located four blocks from stops on either the A or 1 trains. The project, developed by Washington Square Partners and Acadia Realty Trust, will include retail space and a community facility. According to Politico New York, the project will be the first to utilize Mayor Bill de Blasio’s Mandatory Inclusionary Housing program, which requires developers to rent 30 percent of the residential units at below-market rates in exchange for a rezoning. The mayor’s program is expected to be voted on over the next few months. If the program is not established, the developers will go ahead with the city’s current system, which would require 20 percent of the units to be affordable. An existing two-story commercial building must first be demolished.