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. Courtesy of AB Capstone
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.
By: New York Yimby