Ridgewood getting hot, commercial deals on the rise

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

TRD New York /
Sep.September 25, 2014 09:00 AM

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

Related Articles

Amazon leases nearly 154 million square feet of warehouse space compared to the 4 million square feet it owns (Credit: iStock)

How Amazon became the leasing king of e-commerce

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight