A new 17-story building is in the works for Myrtle Point, sitting at 3-50 St. Nicholas Avenue on the border of Bushwick and Ridgewood, Commercial Observer reports.
Once completed, the building will be tallest in Ridgewood.
Arch Companies and AB Capstone, the companies behind the development, have just received $106 million in construction financing from Madison Realty Capital to get started.
The 284,000 square-foot building sitting on an acre of land will be mixed-use, with the four lower stories reserved for commercial use and the upper 13-stories becoming a residential tower. The building will include 133 residential units and will include a 30% affordable component.
The commercial space is 130,000 square-feet and has been leased to "two big-box credit retailers" that have not been named.
Managing Partner and Co-founder of Arch Companies Jeffrey Simpson said the project would deliver to both the community and investors, adding the company was a firm believer in New York, "especially burgeoning outer boroughs neighborhoods like Ridgewood."
"Ridgewood is an exciting, dynamic neighborhood that has seen an influx of new residents in recent years and is primed for growth as a natural extension of the highly active Williamsburg and Bushwick markets," he said.
Myrtle Point is Arch Companies third ground-up development in New York City, following 11 Greene, a luxury rental building in SoHo, and 550 Metropolitan, a boutique residential and retail development in Williamsburg. The company's portfolio includes more than 3,000 multifamily units in nine states.
Josh Zegen, managing principal and co-founder of Madison Realty Capital, said the company was happy to lend to a company it knew would be "contributing to the growth of this vibrant neighborhood."
"We are excited about this project, given its accessibility to public transportation options and high-quality retailers," he said. The building is adjacent to the Myrtle-Wyckoff Avenue L/M subway station.
Partner and Co-founder of Arch Companies Jared Chassen said Myrtle Point represented an "exciting investment opportunity" for the company to grow its portfolio and "help drive value with our deep market and development knowledge."
He said the company had significant cash reserves it had been using to "take advantage of recent market shifts and strategic situations," including entering and exiting three recent hotel investments.
