Ridgewood Multifamily Property Sells for $1.3M

Bestreich Realty Group has announced the sale of a multifamily property located at 19-16 Gates Avenue in the Ridgewood market. The property was sold for 1.3 million to buyer Cristina Circu from seller Alois Lackner. The property spans 2,750 square feet and was sold at a price per square foot of 472.

The property is located in the Ridgewood market, which has seen a surge in popularity in recent years due to its proximity to Brooklyn and Manhattan. The property is a multifamily building, which is a popular asset type in the area due to the high demand for rental units. The property is also located in a prime location, with easy access to public transportation and a variety of amenities.

The buyer, Cristina Circu, is likely attracted to the property due to its potential for rental income. With the high demand for rental units in the area, the property has the potential to generate significant cash flow for the buyer. The seller, Alois Lackner, likely saw the opportunity to capitalize on the strong market conditions in the area and sell the property for a profit.

Bestreich Realty Group brokers Steve Reynolds and Brian Davila represented both the buyer and seller in the transaction. The brokers likely played a key role in facilitating the transaction and ensuring that both parties were satisfied with the terms of the deal. Overall, the sale of 19-16 Gates Avenue is a testament to the strong demand for multifamily properties in the Ridgewood market and the expertise of Bestreich Realty Group in brokering successful transactions in the area.