The new investment arm of Ivan Hakimian’s brokerage HPNY has purchased a Lower East Side gas station site primed for residential development, The Real Deal has learned. The deal was said to be worth $8 million.
The site, at 350 East Houston Street on the corner of Avenue C, is a 6,000-square-foot lot that is home to an Exxon Mobil station whose lease is coming due in the near future, a source close to the deal, which closed Friday, said. Existing zoning allows for 43,000 square feet of residential development on the parcel, which has 120 feet of frontage on Houston Street.
The deal was an off-market transaction sourced by HPNY broker Alex Horn. The seller is listed in city records as the Seiden family, which has owned the site for about a half-century. It marks the first report of a deal closed by the brokerage’s new investment firm. Firm founder Ivan Hakimian and Horn, the broker, both declined to comment and would not confirm or deny that this is the company’s first investment transaction.
The previously run-down stretch of East Houston Street east of the Bowery has been drawing an increasingly upscale vibe, recent published reports have noted, with new lounges and clubs opening to appeal to residents of the developments rising nearby.