NEW YORK, NY – November 12, 2019 – Ariel Property Advisors exclusively arranged the, three contiguous properties in the rapidly-evolving sale of 56-40/56-42 Myrtle Avenue and 17-11 Hancock Street Queens neighborhood of Ridgewood. The buildings, which were owned and operated by the Happy Days children’s clothing store retailer for over 40 years, sold for $9.3 million.
56-40,56-42 Myrtle Avenue and 17-11 Hancock Street
The trio of buildings offer 40 feet of prime retail frontage on Myrtle Avenue, the neighborhood’s main retail thoroughfare. The property package offers over 45,000 buildable square feet, which translates into $206 per buildable square foot, above average for this area. The asset allows the new owner to rent out the space in “as is” condition while they design and plan their new development.
Exclusive Ariel Property Advisors agents Sean R. Kelly Esq, Alexander Taic and David Khukhashvili represented the seller, The Mizrahi family, and procured the buyer, Leopald Kaufman.
“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,” said Sean R. Kelly, Esq.
Ridgewood is well-known for its copious transportation options and affordable rent versus other areas in New York 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,” Alexander Taic said.
The buildings are a short walk to both the M and L subway lines, providing future tenants with a quick and easy commute to Manhattan and Brooklyn. The strong retail corridor boasts many national tenants, such as AT&T, Chase, Dunkin Donuts, Rite Aid, McDonalds, and KFC.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.