17-11 Hancock St.
NEW YORK CITY— Ariel Property Advisors has sold 56-40/56-42 Myrtle Ave. and 17-11 Hancock St., a Mizrahi family-owned portfolio in the Ridgewood Submarket of Queens. The assemblage of properties was sold for $9.3 million.
The three properties offer over 45,000 buildable square feet, or $206 per buildable square foot, an above average for this area. On Myrtle Avenue, the neighborhood's main retail thoroughfare, the properties offer 40 feet of retail frontage in what is considered one of New York City's fastest-growing markets.
While the new owner plans its design of the development, they're able to rent out space in "as is" condition.
The buildings, which were previously owned and operated by the Happy Days children's clothing store retailer for over 40 years, are near many transportation options and in an affordable neighborhood versus other areas of New York City.
"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. at Ariel Property Advisors in a prepared statement
Land prices in neighborhoods close to Manhattan have made it challenging for developers to pencil out rental developments, However, in a market like Ridgewood, developments make sense from a fiscal perspective for potential buyers, according to Alexander Taic at Ariel Property Advisors.
Nearby transportation includes the M and L subway lines, making for easy access to Manhattan and Brooklyn. The high-foot traffic retail corridor includes tenants, such as AT&T, Chase, Dunkin Donuts, Rite Aid, McDonalds and KFC.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
