Hakimian and Esh of HPNY handle $56.5 million sale to Toll Brothers; 200,000 s/f development site at 78-86 King Street in West Soho

Toll Brothers has picked up a 200,000 s/f development site located 78-86 King St. in West Soho in a year-end deal. The off-market transaction was crafted together by under the radar negotiator Ivan Hakimian of HPNY along with his associate Kevin Esh. The purchase price was $56.5 million. The two-story garage building is a block thru from King St. to Charlton St. between Hudson and Varick which is one of the most up and coming residential neighborhoods in the entire city. According to records, the garage building is currently built 40,000 s/f but has another 160,000 s/f of air rights. The seller's of the property were long-term family owners who capitalized on the year-end frenzy going on in Manhattan to avoid paying higher capital gains taxes in the future.