FOR BREAKING NEWS VISIT www.queenscourier.com MARCH 26, 2015 • REAL ESTATE • The Queens Courier 37 ▶ real estate Ridgewood apartment building sells for $21 million BY LIAM LA GUERRE lguerre@queenscourier.com @LiamLaGuerre A Ridgewood apartment building recently sold for $21 million, which is more than double its last sale price in just three years, indicating the opportunity that real estate investors see in the neighborhood. New Ridgewood LLC purchased the 50-unit rental building at 71-13 60th Lane from Bonjour Capital, according to city property records. Bonjour Capital has owned the building since 2012 when it was constructed, and paid just $8.6 million then for it. Due to its proximity to trendy Brooklyn neighborhoods and access to public transportation, rents and values in Ridgewood have been rising. In addition, relatively low land prices are helping it become a hot area for investors. Some firms are already working on sizable development projects in Ridgewood, including Essex Capital’s 90-unit building on Madison Street and AB Capstone’s planned 17-story, mixed-use residential rental building on St. Nicholas Avenue. The building at 71-13 60th Lane is situated near the neighborhood’s Myrtle Avenue commercial strip, where there are national banks, and various outlets for shopping and dining. There is a mix of one-, two- and three-bedroom apartments in the building, and the average monthly rent is around $2,661, according to Eastern Consolidated, which was marketing the building. The property has 53,865 square feet of space and parking available. Amenities such as a game room, a resident lounge, a children’s play room and a roof deck with views of the neighborhood are included in the building. Photo courtesy of StreetEasy.com Glendale Hansel ’n Gretel site will become storage and retail building BY LIAM LA GUERRE lguerre@queenscourier.com/@liamlaguerre The final chapter of the more than 140-year fairy tale run for food processor Hansel ‘n Gretel has come to an end. Hansel ‘n Gretel Brand Inc. sold its Glendale manufacturing factory at 79-40 Cooper Ave. for $9.18 million after closing its business last year, according to Canada-based broker Avison Young. The company opened in Manhattan in 1872 and moved to Glendale in 1970 to expand operations. The entire two-acre property, which includes a 50,000-square-foot industrial building, two attached residential buildings, two parking lots and vacant land, was such a sweet deal, it was divided and purchased by two investors. Cayre & Sons Acquisitions purchased most of the site, and plans to transform it into a 80,000-square-foot selfstorage and retail building, according to Avison Young. “Over the last few years, self-storage has been driven by robust demand, advanced management and new technology, and it continues to outperform other real estate sectors,” said Jason Meister, vice president of Avison Young. “Manhattan’s residential market continues to reach new heights, which in turn has driven demand for self-storage in the outer boroughs, and the buyer intends to capitalize THE COURIER/File photo on this trend.” Meister and an Avison Young team of principals Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley represented Hansel ‘n Gretel. The Hansel ‘n Gretel site is located near to The Shops at Atlas Park, a mall with retail, dining and a cinema. It is also close to Atlas Terminals, a former collection of industrial buildings that was purchased by production company Broadway Stages for nearly $20 million last year. The company plans to transform the site into TV and film studios and create rental space for local mom and pop retail businesses, as The Courier first reported.
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