Crain’s New York Business
by Julianne Cuba / Nov 4, 2025 at 3:53 PM
A seven-lot assemblage at the border of Brooklyn and Queens has sold for a whopping $37 million in what’s one of the biggest deals of the year for the area, according to the brokers involved in the transaction.
An anonymous buyer has purchased the roughly 71,000-square-foot development site located at the intersection of Myrtle and Wyckoff avenues in Ridgewood, right where the Queens neighborhood meets Bushwick. It’s also a stones throw from the Myrtle-Wyckoff Ave subway stations, serving the L and M lines.
The seller, Renald Properties, was represented by a team of Avison Young brokers, including Erik Edeen, Pat Madigan and Fritz Richter.
The existing site currently comprises 21 retail businesses, spanning 72,861 square feet, including a McDonalds, a department store and an autobody shop, all of which would eventually be demolished to make way for a new project. It’s unclear what will rise in their place.
The area is already zoned to allow for up to 338,750 square feet of built space, of which roughly 172,000 square feet could be residential. It could also be rezoned in order to build bigger. No construction permits have been filed at this time, records show.
“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,” said Madigan/
The adjacent neighborhoods have changed dramatically over the last 20 years, with their populations growing by more than 15%, or more than double the citywide rate during the same period of time, according to Avison Young.
submitted by /u/International-Ad6648 to r/ridgewood
[link] [comments]