Avison Young completes $37 million sale of dev. site for Renald Props.

Brooklyn, NY Avison Young has completed the sale of a 225,000 ZFA development site spanning a 70,573 s/f footprint located at the intersection of Myrtle Ave. and Wyckoff Ave. straddling Brooklyn’s Bushwick and Queens’ Ridgewood neighborhoods.

Avison Young principal and senior director of U.S. investment sales Erik Edeen, directors Pat Madigan and Fritz Richter, and asociate directors Joseph Moran and Miles Davis-Bosch represented the seller, Renald Properties, Inc., in the disposition.

“This nearly full-block assemblage will be transformed to deliver mixed income housing and refreshed retail space along a highly trafficked corridor as demand for housing continues to increase in Bushwick/Ridgewood,” said Madigan. “We are pleased to have guided the disposition from the careful stewardship of a generational hold into the capable hands of a developer with plans to deliver a mixed-use development to the local community.”

“The Avison Young team’s ability to navigate this multi-layered assignment was impressive. They found multiple creative solutions that helped simplify a myriad of complexities which ultimately bolstered value and drove the process to a successful close,” said Jack Kessler, trustee of Renald Props.

In recent years, Bushwick and Ridgewood have emerged as neighborhoods with an art scene, restaurants, nightlife locations, parks and hotels. As a result, Bushwick’s population has grown by 15% over the past 20 years, which is more than twice the city-wide growth rate. The property is located within one block of the L and M trains, giving commuters access to Lower and Midtown Manhattan.