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Development continues at a clip in Ridgewood

By Gabriel Rom

The wave of Ridgewood property development shows no signs of slowing, with another prime location now on the market.

Greiner Maltz Investment Properties is offering a development site at 951 Cypress Ave. for $17.75 million.

The property, which is in an M1-4D light manufacturing zone, sits on a 101-foot by 125-foot lot with a square footage of about 12,775 sq. ft.

Like much of the recent development, the site is on the northeast corner of Cypress Avenue and Weirfield Street in the center of the neighborhood, near Myrtle Avenue and surrounded by retail businesses. According to the listing, there should be positive pedestrian traffic around the site due to an ample amount of public transportation around the property, which can be beneficial for a potential ground-floor retail space, according to Greiner Maltz. The entire property will be delivered vacant.

The listing comes on the heels of a slew of real-estate dealings in the neighborhood over the past few months.

In September, LaserShip, a Virginia-based package delivery service and major Amazon contractor, signed a 10-year lease to relocate from Long Island City and fully occupy a Ridgewood warehouse as its newest distribution center.

Earlier this month, a longtime Ridgewood tenant, 1/2 Price Kids shop, announced it would be vacating its 60-84 Myrtle Ave. building, which was recently sold, by Jan. 1. The 13,000-square-foot store was in the last month of its lease

Eli Kairey, the store manager, said the property was sold for around $7 million, far above his ability to pay.

“We’re looking for other locations, but it’s pretty difficult,” he said. “The rent is astronomical and this type of thing has happened to other stores in the area.”

Soon after, a note was posted on the window of the store declaring “Hello Unemployment. Goodbye Ridgewood.” The message has since been taken town, but Kairey said the idea behind it remains true.

Straddling the border with Brooklyn, Ridgewood has had an influx of mostly younger people fleeing Bushwick’s rising rental costs for the comparatively cheaper rates just over the border in Queens.

Last week, Ridegewood residents gathered at PS 305 for an emergency informational session on tenant rights hosted by a mix of attorneys, non-profits and lawmakers.

According to community activists and tenants, concern has been rising over the loss of affordable units in Ridgewood as well as landlord harassment and illegal construction.

Reach reporter Gabriel Rom by e-mail at grom@cnglocal.com or by phone at (718) 260–4564.

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