Investor Daryl Hagler Acquires Troubled Ridgewood Mixed-Use Tower Development

Real estate investor Daryl Hagler, through his entity CDK 3-50 St. Nicholas, has finalized the acquisition of the under-construction mixed-use tower at 3-50 St. Nicholas Avenue in Ridgewood, Queens. The transaction, completed on Tuesday, involved a $75.8 million cash payment and the assumption of $75 million in outstanding mortgages from Madison Realty Capital. Entities tied to Arch Companies and AB Capstone, with Kevin Wiener signing for the sellers, conveyed the development.

The 252,850-square-foot structure is planned for 133 residential units and a substantial retail component, with a Burlington store recently opening. The site secured a certificate of occupancy in August. The project has a history of community opposition, a construction worker fatality in April 2022, and internal legal disputes among previous developers, leading to multiple auction attempts. Hagler, known for acquiring distressed assets, also secured a 99-year ground lease for an adjacent parcel for $10.2 million. This acquisition by a new investor signals a potential path forward for the long-stalled development.