Skybrook Capital Acquires Mixed-Use Property On Myrtle Avenue In Ridgewood Queens For $1.075M

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.