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54-08 Myrtle AveRidgewood, NY 11385
Myrtle-Wyckoff Assemblage
Asset ClassLand
Deal Size: $39.5 MAccess Data Room
A 70,573 SF Assemblage of Lots
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Overview

Avison Young, as exclusive agent is pleased to offer for sale the Myrtle - Wyckoff Assemblage (the “Property”), 7 tax lots currently improved by 21 cash flowing retail spaces, located on the intersection of Myrtle Avenue and Wyckoff Street in Bushwick/ Ridgewood. The Property currently consists of 72,861 SF of retail space, currently leased and with varying expiration dates.A development scenario for this Property would benefit from two mixed-use buildings, featuring a combined as-of-right 171,492 ZFA of residential, 239,948 ZFA of commercial, and 338,750 ZFA of community facility buildable area.

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Investment Highlights

Property Details

  • 7 lots with a lot total of 70,573 SF
  • 7 out of 8 lots in the block
  • 1,304 feet of combined frontage along Myrtle Avenue, Wyckoff Avenue, and Madison Street

Covered Land Play

  • 21 tenants with a WALT of 3.66 Years
  • In place NOI of $1,821,226
  • In place income assists with asset carry for a potential ULURP process

Phased Development Opportunity

  • Opportunity to revitalize a low-rise retail asset into a master-planned Mixed-Use development
  • C4-3 Zoning District allowing for two asof right developments up to 338,750 SF, of which 171,492 SF can be residential
  • Given the transportation access and scale of the opportunity, long-term re-zoning optionality exists
  • Existing cash-flow allows for a developer to cover expenses during the pre-construction phase
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54-08 Myrtle AveRidgewood, NY 11385

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Listing provided by Revere CRE