Ridgewood Rental Building Sells for $6.6 Million

Marcus & Millichap just brokered the sale of a 36,390-square-foot, 48-unit apartment building at 1615 Putnam Avenue, in Ridgewood. An undisclosed buyer picked up the building for $6.6 million in an all-cash sale. Naomi Shu, associate vice president of investments in Marcus & Millichap’s Brooklyn office, represented the seller. According to the brokers, that’s $1.8 million more than the identical building adjacent to it sold for back in December of 2012. The building is 102 feet by 89 feet and is sitting on a 102 foot by 100 foot lot. The building is a rental, although the broker says the previous owner was collecting below-market rents. It’s unclear what the new owner plans to do. GMAP