The Real Deal New York

Ridgewood getting hot, commercial deals on the rise

Queens neighborhood was most active in the city for commercial properties in July

September 25, 2014 09:00AM

Ridgewood Theater on Myrtle Avenue, a main commercial drag in the Queens neighborhood

Ridgewood Theater on Myrtle Avenue, a main commercial drag in the Queens neighborhood

Ridgewood, the far-flung Queens neighborhood that abuts Brooklyn’s hip Williamsburg and Bushwick, is now enjoying a real estate boom of its own.

This summer, the neighborhood’s 11385 zip code was one of the most active for commercial properties in the city, according to an Actovia analysis of Department of Finance records cited by the New York Observer. In the first eight months of 2014, Ridgewood saw 98 commercial sales, which includes mixed-use and multi-family properties. Among the deals were six garages, 12 industrial properties, 32 mixed-use, 45 multi-family, two vacant and one categorized by the city as “other.”

Commercial properties in the area traded at an average of $1.17 million, according to Actovia’s analysis.

The numbers suggest that developers are increasingly turning to Ridgewood as the next hot hub, as land costs rise in Bushwick and the neighborhood increasingly becomes home to Brooklyn’s next condominium hub, according to the Observer. [NYO]Julie Strickland

  • Flipoutnyc

    I’ve seen investors are buying up this neighborhood. I got another letter from them the other day.

  • Joe D.

    Welcome to my world in Astoria…we have been having people knock on our door for the last ten years…selling would be as easy as cashing in a CD at the bank…in my opinion the northwest corner of Astoria trumps even Williamsburg and has much more upside potential…not only is the food better, maybe the best in the entire city, but we have a gem of a park on the river that sets Astoria way apart from Williamsburg and anything in Queens when you take into account proximity to Midtown…not even really close.

    • ohno!

      Joe, there are barely even any places in Astoria which attract live music like there are in Williamsburg, and Brooklyn in general. No major names besides Greeks come here for shows. We are far lacking behind in new restaurant booms and unique retail spots like Williamsburg and other parts of Brooklyn have.
      Astoria is too family oriented to ever be on the same pace towards trendiness that Williamsburg has attained.

      Even though there are insane amounts of construction slated for Hallet’s Cove and other areas, it won’t be the same. The area has a long way to go before even matching WIlliamsburg, and the people who live here will do what they can to preserve it’s charm and current state. The zoning alone would not allow for the same type of development you see all over Williamsburg, and in addition to that the plots of land available for building are not the same size as you can find in Brooklyn.

  • brandon

    11385 also includes Glendale– what % of those are actually in Ridgewood?

  • Flipoutnyc

    Why aren’t any Chase bank around Myrtle/Wyckoff Ave station. people have to wait on a long line at Duane Reade.

MENU