Massey Knakal Sells Mixed-Use Building In Ridgewood
A mixed-use building at 1689 Putnam Avenue (55-45 Myrtle Avenue), located between Cypress and Myrtle Avenuesin the Ridgewood neighborhood of Queens, was sold in an all-cash transaction valued at $1,025,000.
The three-story, all brick building contains approximately 4,400 square feet and sits on a 20’ x 100’ lot. The ground floor is currently leased to a beauty supply store with six years remaining on the lease, and there are two three-bedroom apartments above on one year leases. The sale price equates to approximately $233 per square foot.
“This property generated a tremendous amount of interest due to its high foot traffic and the lack of similar property available in the area,” said Massey Knakal Partner Thomas A. Donovan, who exclusively handled this transaction with Director of Sales Stephen Preuss.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.