2015-04-15 / Features

Cushman & Wakefield Sells Four Bldgs. In Ridgewood

Four contiguous mixed-use buildings, located at 56-48, 50, 52, and 54 Myrtle Avenue, between Hancock and Cornelia Streets in Ridgewood, were sold in an all-cash transaction valued at $6,750,000.

The three-story buildings run block-through and total approximately 17,645 square feet, two retail stores, and eight apartments. They combine for approximately 80 feet of frontage on Myrtle Avenue and 73 feet on Hancock Street. The properties also benefit from approximately 8,890 square feet of additional air rights. The sale price equates to approximately $383 per square foot.

The properties are ideally located on Myrtle Avenue in proximity to the M and L subway lines in the heart of Ridgewood.

“These properties are ideally located in the heart of Ridgewood, currently one of the most in-demand neighborhoods in Queens,” said Cushman & Wakefield’s Thomas A. Donovan, who exclusively represented the seller in this transaction, along with Tommy Lin, Eugene Kim and Robert Rappa. “We were able to utilize our proven marketing process and leverage the tremendous interest in Ridgewood to achieve the full asking price for our client,” Donovan added. The buyer was represented by Danny Millan of MNS.

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