Investor Purchased Ridgewood Residential Tower for $75.8 Million
New York City residents may see shifts in local housing supply after this large-scale transaction for a 133-unit property.
Updated on Sept. 29, 2026 in Commercial
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Investor Daryl Hagler purchased the residential tower located at 3-50 St. Nicholas Avenue in Ridgewood, Queens, for $75.8 million on September 29, 2026. The deal includes the assumption of $75 million in debt and a 99-year ground lease for an additional parcel.
Why it matters
This transaction impacts the local commercial real estate landscape by changing ownership of a 252,850-square-foot structure that provides 133 residential units. The site serves as a key development in Ridgewood, having recently received its certificate of occupancy.
The purchase price totaled $75.8 million, with the buyer assuming $75 million in existing debt obligations. Additionally, a 99-year ground lease for an accompanying parcel was secured for $10.2 million.
The players
Daryl Hagler
An investor who recently acquired the large-scale residential tower in Ridgewood for $75.8 million.
Madison Realty Capital
A private equity firm that held $75 million in debt obligations now assumed by the new owner.
Arch Companies
A real estate developer and manager that was previously involved in the ownership and management of the site.
AB Capstone
A commercial real estate firm that previously held interest in the development project.
The details
The transaction involved the conveyance of the development from entities tied to Arch Companies and AB Capstone to CDK 3-50 St. Nicholas. The property spans 252,850 square feet and features a Burlington retail location that opened at the site in September 2026. The shift in ownership follows the receipt of a certificate of occupancy in August 2026.
Timeline
A construction worker died at the development site in April 2022.
Arch Companies partners engaged in internal legal disputes during 2023.
The site secured a certificate of occupancy in August 2026.
A Burlington location opened at the development in September 2026.
Daryl Hagler purchased the property for $75.8 million on September 29, 2026.
Money Landscape
The sale follows the site successfully meeting the city's certificate of occupancy requirements in August 2026. This process standardizes when residential units are approved for public housing use.
Residents should monitor local housing inventory as the 133 units come online following the change in ownership. Consult with a qualified real estate or tax professional regarding how changes in large-scale residential management impact local rental market conditions.
The takeaway
This $75.8 million acquisition marks a significant transition in ownership for a major Ridgewood development. Tenants or prospective residents should track local listings for updates on unit availability following the recent change in management.
Further reading
For broader trends in local development, visit the New York City Commercial section.
Source note: This article includes information reported by Commercial Observer.
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