SOLD
Skybrook Capital Acquires Mixed-Use Property On Myrtle Avenue In Ridgewood Queens For $1.075M
57-29 Myrtle Avenue
Mixed-use
3,945 SF
3,945 SF
Sold 297 days ago
Summary
Sale
NEW YORK
Mixed-use
3,945 sqft
The property at 57-29 Myrtle Avenue in Ridgewood Queens has been sold for $1,075,000. This mixed-use asset, formerly a Taco Bell, includes a vacant second and third floor that have been unused for over 50 years. The property spans 3,945 square feet and has a price per square foot of $272. Despite a high yearly tax bill of $43,000, the property was sold at an impressive price.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $1,075,000
- Address: 57-29 Myrtle Avenue
- Market: Ridgewood Queens
- Square Footage: 3,945
Skybrook Capital, represented by Joel Jacob, David Samuels, and Isaac Fried, acquired the property from the Estate of Theodore M Bier. The brokers involved in the deal were Baruch Edelkopf and Steven Hakakian from Schuckman Realty Inc. The sale was facilitated by a collaboration between the landlord representative assignment and the investment sales team at Schuckman Realty Inc. The deal was secured with a 30-day contract within two weeks.
The new owners of the property plan to undertake a full gut renovation to maximize its potential. With a strategic location and the potential for redevelopment, the property presents an exciting opportunity for Skybrook Capital.
Players
All
3
Agents
2
Agencies
1
Details
SOLD
IMAGE: Baruch Edelkopf & Steven Hakakian
DATE: 07/06/2023
ADDRESS: 57-29 Myrtle Avenue
MARKET: Ridgewood Queens
ASSET TYPE: Mixed-Use
BUYER: Skybrook Capital - Joel Jacob, David Samuels & Isaac Fried
SELLER: Estate Of Theodore M Bier
BROKERS: Baruch Edelkopf (@Baruch_in_Brooklyn) & Steven Hakakian (@StevenHakakian) - Schuckman Realty (@SchuckmanRealty)
SALE PRICE: $1,075,000
SF: 3,945 ~ PPSF: $272
NOTE FROM BROKER: Schuckman Realty Inc. recently sold the property at 57-29 Myrtle Ave in a cross-channel collaboration that began as a landlord representative assignment. Steven Hakakian effectively sourced a national tenant, but the estate later decided that selling was a more advantageous option. We promptly transitioned the deal to our investment sales team, who secured a 30-day contract within two weeks.
The property, was a former Taco Bell and has a vacant second and third floors, which have remained unused for over 50 years, as indicated on its Certificate of Occupancy. Despite a yearly tax bill of $43,000, it was sold for an impressive $1,075,000. The new owners plan a full gut renovation.View on map
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Address57-29 Myrtle Avenue
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