Renald Properties sold a seven-lot building at the intersection of Myrtle and Wyckoff avenues for $37 million, Crain’s reported. The 71,000-square-foot site is technically in Ridgewood, but almost borders Bushwick.
The buyer was not disclosed, but the price represented one of the biggest deals of the year in the region, according to transaction brokers.
The site includes 21 retail businesses, including an auto body shop, a department store and a McDonald’s. The buyer would have to vacate the companies to make room for a development, whatever form such a project takes.
And there are options. The site allows development of up to 339,000 square meters. Nearly half of that could be reserved for residential use. But the mystery buyer has not applied for planning permission, adding to the site’s intrigue. The populations of the two neighborhoods have exploded in recent decades, creating a need for more housing.
In September, the average rent in Queens dropped by a few cups of coffee from the previous month, reaching $3,051, according to MNS Real Estate. Ridgewood was in the middle of the pack in terms of prices for the neighborhood, with an average of $2,599 for studios and $2,857 for one-bedroom units.
BrooklynThe average rent in September also fell to $3,932, down almost 1 percent from August. Bushwick proved to be one of the borough’s more affordable rental areas, with an average of $2,638 for studios and $3,178 for one-bedroom apartments.
Erik Edeen, Pat Madigan and Fritz Richter of Avison Young represented the seller.
“This nearly entire block complex will be transformed to provide mixed-income housing and updated retail space along a busy corridor as demand for housing in Bushwick and Ridgewood continues to increase,” Madigan said in a statement.
— Holden Walter Warner
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