Klosed Properties Acquires Three Buildings in the Bronx for $6 million

Klosed Properties has acquired a three-building portfolio from Joerg von Oldershausen for $6 million.

The portfolio is made up of 2501, 2503, and 2507 Hughes Ave., located in the Belmont neighborhood. 2503 Hughes Ave. contains 21 units over 18,000 s/f. The firm plans to extend and develop 2501 and 2507 Hughes Ave. into a combined 14 units totaling 15,000 s/f.” (NYREJ)

Steven Kachanian, principal and Shawn Aziz, vice president at Klosed  were the brokers.

Kachanian said, “The Hughes portfolio is a key acquisition for us for many reasons. We continue to make our mark in Belmont, while at the same time showing our ability to execute on larger multifamily deals. We know that this is only the beginning.”

Aziz said, “We’ve been pushing very aggressively into the larger multifamily assets for years now. This location is prime, steps from Fordham University. At $170,000 per door for 2503 Hughes, with the development potential of the smaller buildings, this deal became a no-brainer for us.