Developers Secure $106 Million for 3-50 St. Nicholas Avenue in Ridgewood, Queens

Rendering of Myrtle Point at 3-50 St. Nicholas Avenue - Courtesy of AB CapstoneRendering of Myrtle Point at 3-50 St. Nicholas Avenue - Courtesy of AB Capstone

Arch Companies and AB Capstone have secured $106 million in construction financing from Madison Realty Capital for a mixed-use tower at 3-50 St. Nicholas Avenue in Ridgewood, Queens. Located on the North Brooklyn-Queens border, the 17-story building will debut as one of the tallest in the area.

The building will yield 284,000 square feet, including 130,000 square feet of retail space and 133 rental apartments. Thirty percent of the apartments will be reserved for affordable housing. The retail component, while not yet confirmed, will be divided into two large spaces and marketed to big-box retailers.

Rendering of Myrtle Point at 3-50 St. Nicholas Avenue

Rendering of Myrtle Point at 3-50 St. Nicholas Avenue. Courtesy of AB Capstone

Rendering of Myrtle Point retail podium at 3-50 St. Nicholas Avenue

Rendering of Myrtle Point retail podium at 3-50 St. Nicholas Avenue. Courtesy of AB Capstone

“We are pleased to provide a $106 million loan to an experienced sponsorship team, whom we know well, while contributing to the growth of this vibrant neighborhood,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “The transaction represents our ability to leverage our familiarity with the needs of our repeat borrowers to efficiently create customized financing solutions.”

S9 Architecture is currently in the design phase of the project. A previous iteration depicts a tower structure rising from a tiered podium, likely containing retail suites and a portion of the residential amenity spaces. The old rendering reveals a façade comprised of red brick masonry, oversized metal-framed windows, and white concrete accents at the lower level.

Excavation of the site began in 2019, but the development has yet to go vertical.

Subscribe to YIMBY’s daily e-mail

Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews

TFC Horizon
.

14 Comments on "Developers Secure $106 Million for 3-50 St. Nicholas Avenue in Ridgewood, Queens"

  1. That’s a significant amount of retail… and the plaza seems a bit odd, just a large swath of cement? Will be interesting to see what they do with that.

    • That “plaza” is actually a building. The rendering made me curious so I went to Google Streetview. Note in the rendering that there are only people on the outer edges – that’s the sidewalk, and a restaurant building is in the middle. At the back of the restaurant, facing this new building, there’s a little pedestrian park that this new building fronts on.

  2. This has been stalled since 2015. Also, the address is 350, not 3-50 St Nicholas. It is adjacent to the elevated train on Myrtle Ave.

  3. Regardless of its troubled state, I like it!

  4. Plus send me application from 3-50 St St Nicholas may name is cesar Cruz 2470East Ave Rochester NY 14610 apt 703

  5. Thurmond L Brown | February 8, 2021 at 5:58 pm | Reply

    Please send me link that can provide an application.

  6. No thank you

  7. how can i send an Application

  8. TRADER JOE’S, PLEEEEEASE!!

  9. How can I get an application?

  10. Such a shame. I have family that have lived there for years. We need more affordable housing. And no, needing to make $70,000 and up is NOT affordable. Gentrification still continuing to ruin the neighborhoods I grew up in. I feel for the poor families that will be forced out.

  11. A ne a application my 9173495195

  12. Keithroy Bright | February 15, 2021 at 6:18 am | Reply

    Let’s get an application for me and my family am trying and trying and am not going to give up🙏

  13. Yo nesecito UN apto De 3 dormitorio De section 8

Leave a comment

Your email address will not be published.


*