Klosed Properties, alongside Namdar Realty Group has acquired 568, 570, 574, 576 and 578-590 9th Avenue in for $26,000,000 located in the Hell’s Kitchen area of Manhattan, New York.
The property was acquired from Martin Sanders. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both parties.
The portfolio consists of five buildings totaling 31,300 s/f, 20 residential units, 55 vacant SRO units, and 11 retail stores. Four out of 11 of the stores were delivered vacant, while the remaining seven units are paying discounted forbearance rents due to COVID-19. The vacant SRO portion at 578-580 9th Avenue will be converted to Class A apartments.
“This was a tremendous opportunity for us to buy an undervalued portfolio, with upside in both the retail and the vacant SRO portions. The properties are located on an excellent block in Manhattan which we are excited about investing in,” said Adam Hajibai, Vice President of Acquisitions at Klosed Properties.
Klosed Properties currently has 16 deals under contract, totaling over $77 million.