September 30, 2026 11:22 am
CDK Capital and Daryl Hagler through the entity CDK 3-50 St. Nicholas LLC paid $75.8 million for 3-50 Saint Nicholas Avenue, in Ridgewood, Queens, a currently under-construction development planned to encompass 252,850 square feet upon completion. The complex will feature 133 residential units, 279 parking spaces, and commercial space. Its retail component is set to be anchored by two big-box tenants, Target and Burlington Coat Factory, alongside seven smaller retail units. The site encompasses four tax lots.
Simultaneously with the fee purchase, the buyers signed a 99-year ground lease with Stahl Organization for a portion of the development site, 54-21 Myrtle Avenue, but not part of the fee sale, in a deal worth $10.2 million. The prior developers controlled this portion of the development site through a 48-year lease with Stahl Organization. That prior lease was terminated and replaced with the new 99-year lease.
Madison Realty Capital, which held first mortgage debt with an original principal of $75 million, assigned the debt simultaneously with the sale, to Daryl Hagler’s purchasing entity. Madison Realty Capital, according to sources, was the main driver behind the UCC foreclosure auction that resulted in this transaction.
The prior owners were Arch Companies and AB Capstone, which were developing the site. Most Arch Companies assets were sold as the company became mired in a battle between its owners Jeffrey Simpson and Jared Chassen. 35 Oak Funding, which is owned by the Canadian Wiener family, was a major funder of Arch Companies, and an executive with the firm signed the sale documents.
The deal closed on September 8, 2026 and was recorded on September 29, 2026. The four properties have 169,343 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $447 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for 35 Oak Holdings and AB Capstone was Kevin Wiener . The signatory for CDK Capital and Daryl Hagler was Daryl Hagler . The contract date was September 8, 2026, the same as the closing date.
The UCC foreclosure auction was to sell a 100% membership interest in the entities owning the mid-construction mixed-use project in a foreclosure auction on September 10, 2026. Offered by Northgate Real Estate Group to satisfy approximately $46 million in debt, the 17-story, 252,850-square-foot development features 133 planned residential units and 96,771 rentable square feet of retail space. Key anchor tenants Target and Burlington Coat Factory have committed to the retail portion.
Greg Corbin led a team at Northgate Real Estate Group which ran the UCC foreclosure auction that led to the sale.
