Manhattan, NY Ivan Hakimian’s HPNY has closed on two elevator buildings for a total of $22 million.
29 West 26th St., located in the Chelsea neighborhood consists of 6 loft apartments and one retail space. The deal closed for $11.25 million.
The second property is located at 206 East 81st St. in the Upper East Side and was comprised of 24 apartments. This deal closed for $11 million. The buyer was Park Equity LLC and the seller was 206 East 81st St LLC.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,