A Ridgewood apartment building recently sold for $21 million, which is more than double its last sale price in just three years, indicating the opportunity that real estate investors see in the neighborhood.
New Ridgewood LLC purchased the 50-unit rental building at 71-13 60th Lane from Bonjour Capital, according to city property records.
Bonjour Capital has owned the building since 2012 when it was constructed, and paid just $8.6 million then for it.
Due to its proximity to trendy Brooklyn neighborhoods and access to public transportation, rents and values in Ridgewood have been rising. In addition, relatively low land prices are helping it become a hot area for investors.
Some firms are already working on sizable development projects in Ridgewood, including Essex Capital’s 90-unit building on Madison Street and AB Capstone’s planned 17-story, mixed-use residential rental building on St. Nicholas Avenue.
The building at 71-13 60th Lane is situated near the neighborhood’s Myrtle Avenue commercial strip, where there are national banks, and various outlets for shopping and dining.
There is a mix of one-, two- and three-bedroom apartments in the building, and the average monthly rent is around $2,661, according to Eastern Consolidated, which was marketing the building. The property has 53,865 square feet of space and parking available.
Amenities such as a game room, a resident lounge, a children’s play room and a roof deck with views of the neighborhood are included in the building.