$37M Disposition is One of Brooklyn’s Largest 2025 Development Sales

Avison Young completed the sale of a 225,000 ZFA development site spanning a 70,573-square-foot footprint located at the intersection of Myrtle and Wyckoff avenues, straddling Ridgewood and Bushwick. At $37 million, the transaction represents one of the largest development sales in the Brooklyn/Queens submarket this year.

Principal and senior director of U.S. Investment Sales Erik Edeen, directors Pat Madigan and Fritz Richter and associate directors Joseph Moran and Miles Davis-Bosch represented the seller, Renald Properties, Inc. The buyer was not disclosed.

“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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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