Ya Chen Acquires Three-Story Mixed-Use Building in Ridgewood for $2.35M
Ya Chen purchases a three-story mixed-use building with T-Mobile in the retail space and two gut-renovated apartments at 57-34 Myrtle Avenue in Ridgewood.
In a recent transaction, Ya Chen has purchased a three-story mixed-use building in Ridgewood for 2.35 million. The property, located at 57-34 Myrtle Avenue, offers a prime location in the heart of Ridgewood's bustling commercial district. The building features a T-Mobile store on the ground floor, providing a stable retail tenant with a long-term lease in place. The retail space spans approximately 3,750 square feet, resulting in a price per square foot of 627. This indicates a strong valuation for the retail component of the property.
In addition to the retail space, the building includes two gut-renovated apartments on the upper levels. These apartments have been recently upgraded to offer modern amenities and finishes, attracting high-quality tenants. The inclusion of residential units adds to the property’s income potential and diversifies the revenue stream.
The buyer, Ya Chen, recognized the value and potential of this mixed-use property in Ridgewood. With the demand for commercial and residential space in the area on the rise, this acquisition presents an opportunity for long-term growth and income generation.
Scott Plasky and William Stephan of Marcus & Millichap represented Ya Chen in the transaction. Their expertise in the Ridgewood market and strong negotiation skills ensured a successful deal for the buyer. Plasky and Stephan have a proven track record of facilitating commercial real estate transactions in New York, making them the ideal brokers for this deal.
On the seller’s side, Nick and Sal Sciortino were the owners of the property. They recognized the potential of the building and its prime location in Ridgewood. By selling the property, they were able to capitalize on the strong demand for mixed-use buildings in the area and achieve a favorable sale price.
The sale of this three-story mixed-use building closed on April 17, 2023. The transaction highlights the continued interest in Ridgewood’s commercial real estate market and the value that investors see in mixed-use properties. With its prime location, stable retail tenant, and recently renovated apartments, this property presents a strong investment opportunity for Ya Chen.
In conclusion, Ya Chen’s acquisition of the three-story mixed-use building at 57-34 Myrtle Avenue in Ridgewood demonstrates the attractiveness of the Ridgewood market and the potential for growth in the commercial real estate sector. With a stable retail tenant and recently renovated apartments, this property offers a diverse income stream and long-term value for the buyer. The involvement of experienced brokers Scott Plasky and William Stephan of Marcus & Millichap ensured a successful transaction for all parties involved.