A group of local investors has snapped up two West-Village apartment buildings on Horatio Street for 13M.
40-42 Horatio Street, between Hudson Street and 8th Avenue, has 40 rent-stabilized apartments spanning a total of 16,000 s/f. The five-story walkups boast a combined 50 feet of frontage on Horatio Street. According to city records, the seller was an out-of-state family which had owned the properties for more than 50 years.
No brokers were involved in the off-market transaction, but Ivan Hakimian’s firm HPNY worked on the deal.
“Horatio Street is one of the most prestigious blocks in an area which we consider one of the best rental markets in Manhattan,” said Hakimian. “The West Village is just the place where everyone wants to be.”
Hakimian added that the investors intend to renovate the buildings, keeping them as rentals.
Apart from Horatio Street, HPNY has also been working on some bigger deals. According to Hakimian, HPNY recently facilitated a $60-million conversion deal in Midtown, and currently has an office-to-residential conversion in Chelsea under contract for $40 million.
On the back of more than $100M of Manhattan deals in January 2014, Hakimian’s HPNY is looking to expand. “We are looking for young, aggressive guys who want to hit the pavement and make deals”, Hakimian said, adding the he hopes to hire four to six people to work together in a team atmosphere and source more deals for the firm. “Our specialty is under 96th St in Prime Manhattan and we work on all types of deals including walkups, elevators, retail, office, land and conversions. As long as the deal makes economic sense, we are all over it”.
