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Row of buildings sells for nearly $7M in hot Ridgewood market – QNS.com

Row of buildings sells for nearly $7M in hot Ridgewood market

Photo courtesy of Cushman & Wakefield 

An assemblage of four contiguous buildings was sold in Ridgewood for $6.75 million as the heated Ridgewood market continues to see more interest.

The buildings, 56-48 through 56-54 Myrtle Ave., are all three-story, mixed-use attached properties with 17,645 square feet of space, and located just a few blocks away from the Myrtle-Wyckoff Avenues L/M subway station.

There are eight residential apartments in the buildings, and two retail stores on the ground floor. A Cushman & Wakefield team of Thomas Donovan, Tommy Lin, Eugene Kim and Robert Rappa combined to represent the seller in the transaction.

“These properties are ideally located in the heart of Ridgewood, currently one of the most in-demand neighborhoods in Queens,” Donovan said. “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.”

Recently, a Ridgewood apartment building at 71-13 60th Lane sold for $21 million, which was more than double its last sale price in 2012, when the former owner paid $8.6 million for it.

The increase in prices reflects how real estate investors are looking at the neighborhood.

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