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Photo courtesy of Marcus & Millichap
Photo courtesy of Marcus & Millichap
This 21-unit apartment building in Bushwick recently sold for $7.5 million.

With real estate prices continuing to rise in Ridgewood and many other communities in Queens, neighboring Bushwick is in the midst of its own skyrocketing market, as an apartment building was recently sold for more than $7 million.

A huge 21-unit apartment building located at 41 Jefferson St. has sold for $7.5 million, according to John Horowitz, vice president and regional manager of Marcus & Millichap’s Brooklyn office.

“The price paid reinforces an investor’s belief in this specific pocket of Bushwick,” said Shaun Riney of Marcus & Millichap’s Brooklyn office. “Immediately surrounding the property is over 1MM square feet of residential, retail and commercial development. It’s a dynamic location with a real reason for rising retail and residential rents.”

The multimillion-dollar property is located on the corner of Bushwick Avenue and Jefferson Street, just minutes away from the area’s biggest office developments and the Rheingold Brewery development.

According to Marcus & Millichap, this offering provides great scale and upside in one of Brooklyn’s fastest- growing retail corridors, “allowing an investor to take advantage of heavy foot traffic and surging retail and residential rents.”

Although this property lies in Bushwick, sales such as this one resonate over the Brooklyn/Queens border, and have already made an impact in Ridgewood. Recent sales of gut-renovated apartment buildings in Ridgewood have recently been listed for more than $4 million.

Rents are also surging in Ridgewood as more and more people are clamoring to get into the neighborhood. The Mill, which is billed as Ridgewood’s largest residential building, has 89 rental units, with monthly rents for the building’s one-bedroom, one-bathroom apartments starting at $2,000, ranging all the way to $2,475 each month; and two-bedroom, one-bathroom apartments between $2,500 and $3,185 per month.

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