A development site straddling the border between Queens and Brooklyn sold this week, but that’s where the answers end and the questions begin.
Renald Properties sold a seven-lot assemblage at the intersection of Myrtle and Wyckoff avenues for $37 million, Crain’s reported. The 71,000-square-foot site is technically in Ridgewood, but is nearly adjacent to Bushwick.
The buyer was not revealed, but the price point represented one of the year’s biggest deals in the area, according to the transaction brokers.
The site comprises 21 retail businesses, including an autobody shop, a department store and a McDonald’s. The buyer would need to clear the businesses to make way for a development, in whatever form such a project takes shape.
And there are options. The site allows for development up to 339,000 square feet large. Almost half of that could be put aside for residential use. But the mystery buyer has not filed any construction permits, adding to the site’s intrigue. The population of the two neighborhoods have exploded in recent decades, creating a need for more housing.
In September, the average rent in Queens declined by a couple of cups of coffee compared to the prior month, landing at $3,051, according to MNS Real Estate. Ridgewood was in the middle of the pack in terms of prices across the borough’s neighborhoods, sporting an average of $2,599 for studios and $2,857 for one-bedroom units.
Brooklyn’s average rent in September also fell to $3,932, down nearly 1 percent from August. Bushwick proved to be one of the borough’s more affordable rental environments, recording an average of $2,638 for studios and $3,178 for one-bedroom apartments.
Avison Young’s Erik Edeen, Pat Madigan and Fritz Richter represented the seller.
“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 and Ridgewood,” Madigan said in a statement.
— Holden Walter-Warner
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