Inwood Development Site Sells For $55M

INWOOD, NY — Brooklyn-based developers have purchased an Inwood development site that was the focus of a zoning battle in 2016 for $55 million with plans to build a large apartment complex on the property, the firm announced.

A firm called Hello Living is the new owner of a site on the corner of Broadway and Sherman Avenues, the company announced in a press release. Hello Living is planning to build a 272-unit residential building with 30 percent of the units offered at below-market prices though the city's mandatory inclusionary housing program, according to the press release.

The planned development will also include a 140,000-square-foot space for a community facility and 49,000 square feet of commercial space, Hello Living announced.

The building, which will have the address 4650 Broadway and the name "Hello Broadway," is Hello Living's first Manhattan development. Hello Living was founded in 2005 by Brooklyn native Eli Karp and has developed 13 buildings in the outer borough.

"We are thrilled to embark on our first project in the sought-after borough of Manhattan. Hello Living is known for its trailblazing developments throughout Brooklyn, and we could not be more excited to apply the same vision to Hello Broadway in order to serve the future residents and business owners at 4650 Broadway," Karp said in a statement.

"We approach each of our developments with passion and, as we enter this new area, we are committed to adding to the landscape of what makes Inwood unique."

The New York City Council voted to deny applications for a similar development on the Broadway and Sherman Avenue site in 2016. A development firm called Acadia Sherman Ave LLC filed a spot rezoning application to build a 17-story mixed-use building containing 413 apartment units.

City Councilman Ydanis Rodriguez, who still represents the district, voiced opposition to the plan after months of negotiations with developers. Rodriguez negotiated for 50 percent of the building's units to be offered at below-market rates, and could not agree on levels of affordability with the developer.

Rendering courtesy Hello Living