The Erlich Family Acquires Mixed-Use Building In Ridgewood, Queens For $1.285M

The Erlich Family has purchased a mixed-use building located at 764 Seneca Ave in Ridgewood, Queens. The property, situated on the border of Bushwick, Brooklyn, spans 3,000 square feet. The transaction was facilitated by brokers DJ Johnston and Thomas Donovan from B6 Real Estate Advisors. The sale price for the property was $1,285,000, resulting in a price per square foot of $428.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $1,285,000
• Address: 764 Seneca Ave
• Market: Ridgewood, Queens

The sale of 764 Seneca Avenue reflects the current market conditions and the strong demand for free market mixed-use properties priced under $2,000,000. The buyer was selected based on their motivation and favorable closing terms. The transaction was finalized two weeks after accepting the offer, following a six-week marketing process. Upon lease out of vacant spaces, the property is projected to yield a cap rate of 5.25%.

Please feel free to reach out to DJ Johnston at [email protected] or call/text 914-584-7422 to learn how this transaction can translate to your similar building and to inquire about our team's expertise in the market.