Three commercial properties just sold in Ridgewood for a hefty asking price.
The properties, located at 56-40/56-42 Myrtle Ave. and 17-11 Hancock St., were owned and operated by the Happy Days children’s clothing store retailer for over 40 years. The trio of properties sold for $9.3 million.
The sales were led by Ariel Property Advisors agents Sean R. Kelly Esq, Alexander Taic and David Khukhashvili, who represented the seller, The Mizrahi family, and procured the buyer, Leopald Kaufman.
According to Ariel Property Advisors, Ridgewood is known for its affordable rent and variety of public transportation options compared to the rest of the city.
“Land pricing in neighborhoods close to Manhattan has made it increasingly difficult to develop rental housing, but Ridgewood is a market where buyers can still pencil out rental developments,” Taic said.
The buildings offer 40 feet of retail frontage on Myrtle Avenue, plus over 45,000 buildable square feet, which translates into $206 per buildable square foot, above average for this area. The buildings are also nearby M and L subway lines, as well as businesses such as AT&T, Chase, Dunkin Donuts, Rite Aid, McDonalds and KFC.
“Bolstered by the benefits of a strong retail location, proximity to major transportation hubs, and future redevelopment potential spurred an active bidding process for the properties, which allowed us to secure the buyer within just 30 days of marketing the asset,” Kelly said.
For more information about the properties, contact 212-544-9500: Sean R. Kelly Esq, ext. 59, srkelly@arielpa.com; Alexander Taic, ext. 44, ataic@arielpa.com; and David Khukhashvili, ext. 77, dkhukhashvili@arielpa.com
