Silvershore Properties has paid $10.6 million for a four-story mixed-use rental building in the Ridgewood section of Queens, Commercial Observer has learned. The deal closed last Friday, according to a spokeswoman for Silvershore.
The property, at 1071 Cypress Avenue, includes 39 rent-stabilized rental apartments and five mom-and-pop-type stores with leases expiring within the next five years.
The seller, Cypress Realty, bought the 33,500-square-foot building between Summerfield and Decatur Streets in September 1986 for an undisclosed sum, property records indicate. The retail space amasses 5,000 square feet.
“This was a rare opportunity to acquire a very desirable asset in an excellent neighborhood,” said Silvershore Principal Jason Silverstein in prepared remarks. “Multifamily properties of this size, with 100 feet of retail frontage in Ridgewood, are hard to come by.”
Silvershore plans to keep the building as a rental.
There were no brokers in the deal.