By Konrad Putzier
Klosed Properties has purchased the retail condo 80 John Street for $7 million, expanding its retail portfolio.
In a separate transaction, the real estate investment and management firm also bought the five-story, mixed-use building 144 West 46th Street for $6 million.
Klosed partnered with Nando Realty Group on both acquisitions and paid in cash, principal Steven Kachanian told Real Estate Weekly.
Kachanian declined to name the broker on the off-market deals. Both properties, which the company plans to renovate and hold, were bought from long-time family owners.
The 8,000 s/f retail condo at 80 John Street, which currently houses a gym and a dry cleaner, is the latest addition to Klosed’s growing retail portfolio. Kachanian explained that the company began focusing on retail seven or eight years ago, after investing in multifamily building in the 1990s. “Retail is a lot more dynamic than residential real estate,” he said. “We try to buy properties in areas that are up and coming and haven’t reached their full potential. In retail, rents can double from one year to another if you manage it right.”
At 144 West 46th Street, the first two floors are occupied by restaurants, and the upper floors are offices and apartments. Kachanian explained that the lease for the restaurant is up within the coming 14 months, adding that Klosed is talking to a number of national chain restaurants about leasing the space.. займ онлайн
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