Bronx, NY Klosed Properties has acquired 2320 Hughes Ave., a 7,250 s/f corner mixed-use building in the Belmont neighborhood for $1.875 million. The property consists of two stores and six apartments. There is significant upside in the vacant retail space, as well as below-market rents in the residential portion of the building.
Shawn Sadaghati and Zachary Fuchs of GFI Realty were the brokers for this transaction. Susan Sahim was the seller.
Steven Kachanian, principal said, “Belmont / Little Italy is our number one market at this time. We definitely see strong growth, upside potential, and demand in this neighborhood, as we are currently working on several projects in Belmont.”
Jacob Namdar, senior director of acquisitions said, “This was a pure value-add play. We have immediate upside in the vacant retail space and plans are in motion to renovate and expand the apartments.”
Adam Hajibai, director of acquisitions said, “We have been primarily focusing on acquisitions in Harlem, the Bronx, and Brooklyn. We are very excited for 2019, and looking to expand our portfolio heavily.”