Site Of 2016 Inwood Rezoning Fight Sells For $54M, Report Says

INWOOD, NY — An Inwood property that was the site of a controversial proposed upzoning in 2016 is changing hands for the second time since the rezoning application failed, according to reports.

Philadelphia-based developers The Arden Group will buy 4650 Broadway, located on the corner of Sherman Avenue, for $54 million, real estate publication The Real Deal first reported. Sellers FBE Limited are making a huge profit on the property, which it bought for just $26 million last year, according to the report.

The Arden Group plans to redevelop the site into a mixed-use building with both market rate and below-market housing, a community space and parking. The site has long been occupied by a two-story parking garage.

A developer-led proposal to rezone the property in 2016 failed when former owners Acadia Sherman Ave LLC could not come to an agreement with local City Councilmember Ydanis Rodriguez over affordable housing requirements. The development firm wanted to build a 17-story mixed-use building containing 413 apartment units, according to an application filed with the city.

In 2018, the City Council has since rezoned much of Inwood to increase residential and commercial development in sections of the neighborhood. The rezoning does not affect 4650 Broadway or other Inwood sites south of Dyckman Street.

Read the full Real Deal report here.