Fully Occupied, 15,744-Square-Foot Apartment Building Presents Substantial Upside Potential
New York, NY – May 1, 2017 – Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 1683 George Street, a 15,744-square-foot, walk-up apartment building in the Ridgewood section of Queens.

The asking price is $5.5 million.

The four-story, 17-unit property – which is currently fully occupied – is comprised of eight one-bedroom units and seven two-bedroom units, as well as two retail stores on the ground floor.

With residential rents now standing at the relatively low level of approximately $19 per square foot, the property presents substantial investment potential for investors or purchasers of a 1031 exchange.

“Situated in the heart of a rapidly emerging submarket, 1683 George Street holds significant upside opportunities,” said Thomas A. Donovan, vice chairman of Cushman & Wakefield. “There are an abundance of new developments in the pipeline in Ridgewood, and this dynamic sets the stage for increased rental revenue going forward.”

The property is on the corner of Cypress Avenue. It stands one block from the Halsey Street L station. 1683 George Street is also a short walk from the Myrtle-Wyckoff Avenue transit hub, which is served by both the L and M subway lines and by numerous bus lines.

Additional members of the Cushman & Wakefield brokerage team are Eugene Kim, Tommy Lin and Robert Rappa.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.