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Photo courtesy of Evergreen Realty & Investments
Photo courtesy of Evergreen Realty & Investments
The six-family building on Gates Avenue in the Ridgewood North Historic District.

A six-family home in the Ridgewood North Historic District recently sold for a huge price tag, and its value will soon be increasing.

The building, located at 2035 Gates Ave., was traded for $2,275,000 according to Daniel Barcelowsky of Evergreen Realty & Investments. The apartments inside were all vacant at the time of the sale, and the building is slated for a gut renovation, Barcelowsky said.

The fact that the building was vacant was an important factor in driving the price tag up. Barcelowsky said that similar buildings have been sold for as little as $1.5 million when they have tenants because they are subject to rent stabilization.

A vacant building has more value because the new owner can renovate it freely, and once renovated the building can be worth more than $3.5 million, Barcelowsky said.

The exterior will remain untouched, however, because of the building’s historic status. It’s estimated to have been built in the 1930s, Barcelowsky said, and the Landmark Law protects it from architectural or structural renovations.

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