UPDATED: Sep 18., 4:30 pm: 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 [TRDataCustom] bought it in 2006, when it paid just $5 million.
The property at 4055 10th Avenue falls just outside the proposed Inwood rezoning area, which if passed by City Council would allow the surrounding property owners to build a mixed-use residential projects.
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.
According to its website, Fairbridge specializes in acquiring “undervalued office” properties.
Spokespersons for neither Acadia nor Fairbridge could be immediately reached for comment.
Correction: A previous version of this story incorrectly stated that 4055 10th Avenue was located within the boundaries of a rezoning proposal for Inwood.