663 Flatbush Avenue - Brooklyn, NYBrooklyn, NY According to Klosed Properties and Oliam Properties, they have purchased 663 Flatbush Ave. for $1.58 million. The subject property is a 4,800 s/f mixed-use building in Prospect-Lefferts Gardens, on the Flatbush Ave. retail corridor. It consists of six apartments and a retail space, occupied by Blessing Herbs & Coffee.
Steven Kachanian, principal of Klosed Properties said, “This was an excellent opportunity, due to the apartments paying significantly below market rents, and one apartment being delivered vacant at closing. We are very bullish on this stretch of Prospect-Lefferts Gardens and continue to seek nearby opportunities.”
Shawn Aziz, associate director of acquisitions, sourced the property. He said, “We are very excited about acquiring such a well-positioned building in one of the most active pockets ofFlatbush Ave. There’s so much going on from new restaurants, coffee shops and development projects, that cater to the areas diverse tenant base. These are exactly the type of opportunities we are interested in pursuing.”
Jacob Namdar, senior director of acquisitions said, “Our company recently expanded its acquisition infrastructure, by adding several members to the team. This helped grow our output and strengthened our reach of marketed properties, as well as off-market properties. Additionally, we are now more capable to underwrite and purchase different property types, including value-add retail, mixed use, office, & multifamily.”
This closing marks their second acquisition this year, while they are currently under contract to purchase five additional properties.