Hudson Hill Partners, a privately held New York-based real estate investment firm, announced the acquisition of five properties in Westchester County, NY, comprising 15 residential units, 3 retail units and a vacant warehouse. The properties were acquired for a total of $4.6m through three separate transactions in July and August 2019. The buildings are all located in the downtowns of Tarrytown and Hastings-on-Hudson, each within a 10 minute walk of Metro North train stations. These acquisitions add to Hudson Hill Partners’ existing portfolio, which includes recent acquisitions in Ossining, Sleepy Hollow and New Rochelle, NY.
Of particular note is the acquisition of 17 North Washington St. in Tarrytown, NY. The Property Buying Company states that this property is a vacant red brick warehouse building built in 1907, located around the corner from Main Street and a short walk to the Hudson River and train station. An unofficial historic landmark in the community, Hudson Hill Partners intends on restoring the property through a residential redevelopment project. Additionally, the acquisitions include two mixed-use buildings on Main Street in the heart of Hastings-on-Hudson. The properties include several retail fronts with apartments on the upper floors. Hudson Hill plans to build on the downtown resurgence with improved exteriors and retail offerings.
The acquisitions included:
- 15 North Washington St, 17 North Washington St and 89 North Washington St in Tarrytown, NY
- 38 Main St and 42 Main St in Hastings-on-Hudson, NY
“These transactions fall squarely within our strategy of acquiring properties within walking distance of the urbanizing downtowns and train stations of Westchester,” noted Dan Bsharat, Managing Director, Hudson Hill Partners. “We focus on underappreciated properties with historic charm that need a little help in maximizing their potential. We have been targeting these Westchester Rivertowns as they have been a magnet for downsizing Baby Boomers and younger generations leaving New York City. You simply can’t re-create the historic downtown core, proximity to the train and interaction with the Hudson River that they offer.”