Acadia Sells Inwood Office Building Uptown

September 23, 2017

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.


By submitting this form, you are consenting to receive marketing emails from: Harlem World Magazine, 2521 1/2 west 42nd street, Los Angeles, CA, 90008, https://www.harlemworldmagazine.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
We're your source for local coverage, we count on your support. SPONSOR US!
Your support is crucial in maintaining a healthy democracy and quality journalism. With your contribution, we can continue to provide engaging news and free access to all.
accepted credit cards

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles