Klosed Properties acquires six properties for $34 million total; Rosewood Realty and Namdar Realty collaborate for $8m deal

 

 

 

 

 

Manhattan, NY Klosed Properties has completed two acquisitions:

Klosed acquired 568, 570, 574, 576 and 578-590 9^th Ave. for $26 million. The properties are located in the Hell’s Kitchen area. The portfolio consists of five buildings totaling 31,300 s/f, 20 residential units, 55 vacant SRO units, and 11 retail stores. Four out of 11 of the stores were delivered vacant, while the remaining seven units are paying discounted forbearance rents due to COVID-19. The vacant SRO portion at 578-580 9^th Ave. will also be converted to class A apartments.

Additionally, Steven Kachananian and Adam Hajibai of Klosed, along with Namdar Realty Group’s Igal Namdar, completed the acquisition of 128 East 86^th St. This property is a five-story walk-up apartment building located on the Upper East Side between Lexington and Park Aves. It consists of 12 apartments and 2 commercial spaces, across 11,925 s/f. The purchase price was $8 million. Rosewood Realty Group’s Aaron Jungreis, Alex Fuchs and Ben Khakshoor brokered the deal. Four out of the 12 apartments were delivered vacant, as well as the ground floor retail space. Half of the available air rights have been sold, but the property can still be built to maximum allowed.

Hajibai said, “This building sits in an incredible location in the Upper East Side, and allows our team at Klosed to capture the upside in the vacant retail space, in addition to the free-market units that are paying below market rents.”