Ridgewood Residential Tower Sold for $75.8 Million
The 133-unit apartment complex in Queens has a new owner after a multi-million dollar transaction.
Updated on Sept. 29, 2026 in Commercial
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Developer Daryl Hagler has purchased the residential tower located at 3-50 St. Nicholas Avenue in Ridgewood for $75.8 million. The transaction, completed in late September 2026, also included the assumption of $75 million in existing mortgage debt.
Why it matters
The sale marks a significant change in ownership for the 252,850-square-foot development, which serves as a major housing addition to the local Queens neighborhood. The site, which recently received its certificate of occupancy, now features both residential space and an active Burlington store.
The property sale totaled $75.8 million in cash, supplemented by a $10.2 million purchase of a 99-year ground lease for an adjacent parcel. The structure comprises 252,850 square feet of space.
The players
Daryl Hagler
The real estate developer who purchased the 3-50 St. Nicholas Avenue residential tower.
Madison Realty Capital
A private equity firm and commercial lender that held the mortgage debt assumed in the sale.
Arch Companies
A real estate firm involved in the development and conveyance of the Ridgewood property.
The details
The development was transferred from entities tied to Arch Companies and AB Capstone to CDK 3-50 St. Nicholas. As part of the acquisition, the new owner assumed existing debt obligations previously held by Madison Realty Capital. The site, which was the location of a tragic construction worker fatality in April 2022, officially moved into its operational phase following the issuance of a certificate of occupancy in August 2026.
Timeline
April 2022: A construction worker died at the site.
August 2026: The building secured its certificate of occupancy.
September 2026: A Burlington location opened at the development.
September 29, 2026: Daryl Hagler purchased the tower for $75.8 million.
The Home Front
The sale follows the resolution of the 2023 internal legal disputes between Arch Companies partners that previously clouded the site's development timeline. This transaction reflects broader shifts in New York City commercial real estate as large residential projects transition from construction to ownership.
Residents in the surrounding Ridgewood neighborhood should monitor the new management's approach to the building's residential leasing and ground-floor retail operations. Future tenants or neighbors may want to verify building management contact information through official city property records.
The takeaway
Large-scale residential developments in Queens continue to evolve as they move from construction to stabilized ownership. Prospective renters should keep an eye on official listing sites to verify the management company contact information for the 133 units at 3-50 St. Nicholas Avenue.
Further reading
You can track ongoing developments in the New York City Commercial section of our site.
Source note: This article includes information reported by Commercial Observer.
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