Ara Hovnanian sells West Village townhouse for $15.9M

The entity AR Ventures Real Estate II LLC paid Ara and Rachel Lee Hovnanian $15.9 million for 292 West 4th Street in the West Village. The deal closed on December 30, 2020, and was recorded on January 8, 2021. The transaction consists of 1 parcel, including the tax class single-family, city residence (A4). The property is 3,623 square feet. The parcel(s) have total development potential of 3,623 square feet.
The average sale price per square foot is $4,389.

Ara Hovnanian is president and chief executive of Hovnanian Enterprises, a national home builder. The last time the property sold was June 21, 2012 for $7,000,000. The contract date was December 21, 2020.  There was conjecture that 292 West 4th and 294 West 4th might sell together to a single buyer but it appears that did not happen. 294 sold for $7.5 million, and closed on December 21 to Douglas and Barbara Herrington, who purchased using their own names. The buyer of 292 was shielded by an LLC.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on September 15, 2015.

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