Criterion Group Acquires Development Site On Irving Ave. In Ridgewood, Queens For $26M

A vacant commercial land parcel located at 10-51 Irving Ave. in Ridgewood, Queens has been sold for a price of $26,000,000. The property covers an area of 81,119 square feet and is situated on the border of Bushwick, Brooklyn. The transaction was completed by the buyer, Criterion Group, and the seller, Bernd Messing & Stephanie Messing. The deal was facilitated by the brokers DJ Johnston and Thomas Donovan from B6 Real Estate Advisors.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $26,000,000
• Date: 06/28/2022
• Market: Ridgewood, Queens
• BSF: 162,500
• PPBSF: $160

The 81,119 square foot vacant commercial land parcel sold for a price of $26,000,000. The lot, which measures 200' x 370', also includes an additional through lot extension, resulting in a total frontage of over 600 feet. The property falls under the M1-4 zoning, allowing for a 2.0 FAR or 162,000 buildable square feet (BSF) for commercial use. It is worth noting that the buyer is expected to develop a single-story structure on the site, highlighting their specific intentions for the property.

This successful transaction marks the second significant commercial land sale in the last two months facilitated by DJ Johnston and Thomas Donovan of B6 Real Estate Advisors. Both sales have set new price thresholds in the neighborhood. The brokers invite owners of large commercial parcels to contact them for a property assessment, in order to identify relevant trends and correlations based on the area and zoning. DJ Johnston can be reached at 914-584-7422 or via email at [email protected].