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.
What’s in Eli Karp’s plans for this site? Well, the firm anticipates Hello Broadway, a mixed-use development estimated to cost about $190 million. Architect GreenbergFarrow will design the project that consists of 272 residential units, 140,000 square feet of community facility and 40,000 square feet of commercial space. Housing will range from one to four-bedrooms and thirty percent of the units will be affordable.
In its current state, 4650 Broadway is a two-story parking garage spanning 75,000 square feet. It has certainly had a dramatic run at attempted rezonings. In 2016, Acadia Realty Trust (in partnership with Washington Square Partners) lost their proposal to redevelop the project into a 15-story apartment building. They soon sold the site to FBE Limited. According to Commercial Observer, Hello Living does not have plans to seek rezonings and the development will be as-of-right.