Klosed Properties acquires Manhattan retail condo for $2 million

Clint Olsen, Cushman & Wakfield

Steven Kachanian, Klosed Properties

Jacob Namdar, Klosed Properties

Manhattan, NY Klosed Properties has closed on the purchase of 110 Madison Ave. The sale price was $2 million. The subject property is an 1,850 s/f retail condominium unit located in the NoMad neighborhood.

110 Madison Avenue - Manhattan, NY

Clint Olsen of Cushman & Wakefield (C&W) represented the buyer and seller in this transaction.

Steven Kachanian, managing principal of Klosed said, “We are thrilled about this acquisition based on the location and long term growth potential of the neighborhood. One of the main attractive aspects of the property is the lack of use restrictions and that there is already a ventilation stack to the roof. These features allow us to cater specifically to bars and restaurants. We recognized immediately the value and potential of the property and were able to sign a hard contract within days of inspecting the property.”

Jacob Namdar, senior director of acquisitions at Klosed said, “We are looking to grow our presence in Midtown Manhattan, as well as strong pockets in the boroughs. This property is located within just a few blocks from several signature locations, such as Madison Square Park, Flatiron Building, Empire State Building, 230 5^th Rooftop, several new high-end developments & hotels.”

This closing marks our 10th acquisition of 2016, while we are currently under contract to purchase 5 additional properties in NYC and the boroughs.