Steven Kashanian’s Klosed Properties has picked up an Upper West Side apartment building from developer Hank Fried for $15.5 million.
2651-2657 Broadway is a seven-story, mixed-use residential building comprising 125 multi-family residences above three retail spaces at grade level. The property is currently 96 percent vacant and contains five SRO tenants as well as approximately 14,300 s/f of excess air rights.
Avison Young’s Tri-State Investment Sales team arranged the sale of the building on the corner of Broadway and West 101st Street and said Kashanian plans to convert into a class A residential building with upgraded retail.
“With one year remaining on the property’s in-place Certificate of Non-Harassment, 2651-2657 Broadway offers a variety of development and conversion capabilities, with new ownership planning to repurpose the building’s residential portion into class A apartments while upgrading the retail to gain strong market rents,” said James Nelson, Head of Avison Young’s Tri-State team who leading the marketing effort with Brandon Polakoff, Mitchell Levine and Alexandra Marolda.
Kachanian commented, “With the Upper West Side being one of the most sought-after residential enclaves in New York City, we recognized the value of repositioning the property as a class A residential building and acted fast.”
Public records show Fried – best known as a boutique hotel developer – has owned the property as Helms Realty since 1973.