Klosed picks up largely vacant Upper West Side apartment building

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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.

JAMES NELSON

“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.

STEVEN KACHANIAN

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.

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