Avison Young completed the sale of a 225,000 ZFA development site spanning a 70,573-square-foot footprint located at the intersection of Myrtle and Wyckoff avenues, straddling Ridgewood and Bushwick. At $37 million, the transaction represents one of the largest development sales in the Brooklyn/Queens submarket this year.
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. The buyer was not disclosed.
“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.”
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