Ridgewood site trades for a pricey $261 psf

Loketch planning 54-unit rental to replace warehouses at 801-819 Wyckoff Ave.

TRD New York /
Nov.November 17, 2015 04:35 PM

In one of the priciest deals for a development site in Queens’ Ridgewood neighborhood, the Loketch Group bought two vacant warehouses on Wyckoff Avenue for $261 per buildable square foot.

The Coney Island-based development firm led by Moishe and Pinny Loketch is planning a five-story structure at 801-819 Wyckoff Avenue with 54 rental apartments. Twenty-nine of the apartments will be duplexes. J Frankl Associates is serving as the architect. The deal closed Tuesday for $11.3 million.

The site offers nearly 43,000 buildable square feet, and more than 200 feet of frontage on Wyckoff Avenue. The sellers are private investors Robert Gutman, Eugene Weiss and Jacob Hollender, who control Arcade Bookbinding Corp.

Epic Commercial Realty’s Yona Edelkopf and Shay Zach brokered the transaction. The brokerage says the sale is a neighborhood record for development sites exceeding 30,000 buildable square feet.

Recent trades in the area include 60-80 Myrtle Avenue, which went for $191 per buildable square foot, or $6.7 million, and 55-27 Myrtle Avenue, which got $130 per buildable square feet, or nearly $7 million.

MNS data show that the average rent for a two-bedroom in Ridgewood was just over $2,000 a month.

In Williamsburg, Loketch is planning a three-story addition to an existing, low-rise rental-and-retail property at 207 South 3rd Street. The firm was also behind a 27-unit condo project in Canarsie.

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