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Deals & Dealmakers

Fairbridge Properties buys Inwood office building for $30.6M

Photo via CommercialCafe
Photo via CommercialCafe

New Jersey-based firm Fairbridge Properties has acquired an office building in Inwood for $30.58 million, according to city records.

The property, located at 4055 Tenth Avenue, is a one-story building at the northeast corner of East 216th Street and Tenth Avenue.  The 60,000 s/f facility is leased entirely by the city’s Human Resources Administration, according to a listing from Cushman & Wakefield. The building’s roof is also leased to parking lot operator SP Plus.

The seller is Acadia Realty Trust. The firm acquired the property for $5 million in 2005. Acadia is part of a joint venture that controls the City Point complex in Downtown Brooklyn. Last month, the firms sold a majority stake in a rental tower in the site to the Brodsky Organization.

Fairbridge, which has its headquarters in Princeton, is a firm focused on acquiring and managing properties in the $15 to $45 million range. Its portfolio includes office buildings in in Virginia, Indianapolis, Colorado and Utah.

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