Avison Young completes $37M sale of Ridgewood development site comprising nearly a full city block

The transaction represents one of the largest development sales in the Brooklyn/Queens submarket this year

New York, New York – Global real estate advisor Avison Young has completed the sale of a 225,000 ZFA development site spanning a 70,573 square-foot (SF) footprint located at the intersection of Myrtle Avenue and Wyckoff Avenue straddling Ridgewood & Bushwick, two of NYC’s most rapidly expanding submarkets.

Avison Young Principal and Senior Director of U.S. Investment Sales Erik Edeen, Directors Pat Madigan and Fritz Richter, and Associate Directors Joseph Moran and Miles Davis-Bosch represented the seller, Renald Properties, Inc., in the disposition.

“This nearly full-block assemblage will be transformed to deliver mixed income housing and refreshed retail space along a highly trafficked corridor as demand for housing continues to increase in Bushwick/Ridgewood,” said Madigan. “We are pleased to have guided the disposition from the careful stewardship of a generational hold into the capable hands of a developer with plans to deliver a mixed-use development to the local community.”

“The Avison Young team’s ability to navigate this multi-layered assignment was impressive. They found multiple creative solutions that helped simplify a myriad of complexities which ultimately bolstered value and drove the process to a successful close,” said Jack Kessler, Trustee of Renald Properties, Inc.

In recent years, Bushwick and Ridgewood have emerged as cutting-edge neighborhoods with an eclectic art scene, unique restaurants, numerous nightlife locations, parks and hotels. As a result, Bushwick’s population has grown by over 15% over the past 20 years, which is more than twice the city-wide growth rate. The property is conveniently located within one block of the L and M trains, giving commuters easy access to Lower and Midtown Manhattan in less than 30 minutes.