Ridgewood getting hot, commercial deals on the rise

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

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.”

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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