Hudson Hill Partners makes two buys
White Plains real estate investment firm Hudson Hill Partners has acquired two properties, one a multifamily residence in White Plains and the other a community shopping mall in Somers.
The residential property is a nine-unit building at 55 Davis Ave. in White Plains”™ Highlands neighborhood. The structure has eight one-bedroom units and one studio apartment. There are three garages and nine outdoor parking spaces. The purchase price was $1.4 million, an average of $154,000 per unit or 8.9 times the current rent roll.
The managing partner of Hudson Hill, Dan Bsharat, said, “We look forward to improving the property, which serves an important purpose in providing middle-income housing near a significant employment center.”
There would be enhancements to the exterior and indoor common areas, as well as complete unit renovations to reposition the property into an attractive middle-income apartment building. He said the firm plans to acquire similar properties in the New York Metro area.
Hudson Hill also has purchased the Lincolndale Village Plaza at 155 Route 202 in Somers. The purchase price was $2.75 million. It”™s a single-story mall with a dozen tenants including, among others, a pizzeria, nail salon, pharmacy, wine store, dog groomer and diner.
The 1.59-acre property has 60 on-site parking spaces and includes an additional 1.19-acre parcel with development potential.
“This property, like many community shopping centers, have proven to be highly resilient during the Covid pandemic and have also shown to be ”˜Amazon-proof”™ as they offer essential, everyday products and services to residents nearby,” Bsharat said.
When interviewed for a Business Journal profile in October 2019, when they had purchased their 10th property in Westchester, Bsharat explained that they don”™t skimp on due diligence when doing relatively low-priced transactions.
“We approach these transactions in a very similar way as I would have done for a $300 million new-build tower in Milan that I worked on,” Bsharat said. “We complete our underwriting and do our due diligence in a very systematic way. This is not a ”˜mom and pop”™ operation. This is really an institutional basis.”
He said that the properties attracting their attention are “underappreciated properties with historic charm that need a little help in maximizing their potential.”
Bsharat founded Hudson Hill Partners with his brother Tariq in 2017, who has experience in real estate development, investment analysis and asset management in the United Arab Emirates as well as the U.S.