Klosed Properties arranges sale of 507 Myrtle Avenue for $3.2 million; 3,800 s/f mixed-use building - two stores, four apartments

Brooklyn, NY Klosed Properties arranged the sale of 507 Myrtle Ave. for $3.2 million. The subject property is a 3,800 s/f mixed-use building, located in Clinton Hill. The property consists of two stores, four apartments, and features a total buildable of 10,000 s/f. Steven Kachanian, principal of Klosed Properties said, “This is our 3rd acquisition in Clinton Hill. The property has been in the same family for over 30 years and most of it has been vacant for a long time. We are planning on repositioning the property by renovating the apartments to cater to Pratt’s students and by leasing the vacant restaurant space. In the long run the retail will become very valuable once multiple new developments in the area, including Madison Realty Capital’s 141-Unit Project directly across the street from us, will be completed. The pedestrian plaza will give a major boost to rents as well.” Jacob Namdar, senior director of acquisitions said, “This was an off-market situation where we gave the seller his full asking price. We understood the potential on this stretch of Clinton Hill and our need to be aggressive in this changing market. Our firm is continuously and aggressively looking to expand our retail and residential portfolio of investments in this market, as well as growing neighborhoods in NYC, Brooklyn, Bronx, & Queens.” This closing marks our 1st acquisition of 2016, while we are currently under contract to purchase 6 additional properties.