Rising 17 stories above the Myrtle-Wyckoff subway hub where Ridgewood meets Bushwick, the glass-and-masonry tower at 3-50 St. Nicholas Avenue (recorded under lead parcel 16-37 Woodbine Street) is the tallest private landmark for miles. On September 8, 2026, CDK 3-50 St. Nicholas LLC closed a $75.83 million buyout of the four-parcel mixed-use tower from Ridgewood Tower LLC, marking a 138.3 percent valuation step-up over the $31.82 million basis recorded five years earlier in September 2021. When the deed closed on September 8, 2026, CDK 3-50 St. Nicholas LLC had officially taken down 16-37 Woodbine Street from Ridgewood Tower LLC for $75.83 million, with Institutional Multifamily & Retail Advisory brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Queens. At $382 a square foot—or $574,437 a door across its 128 apartments— across 198,500 square feet, the closing price marks a 138.3 percent step-up over the $31.82 million basis recorded in September 2021. In today's five-borough construction market, buying modern or well-maintained brick at $382 a square foot still beats the time and cost of digging a foundation from scratch. Even better for the buyers, the in-place rent roll hands them a verified 6.00 percent going-in cap rate from day one.

How a 17-Story Myrtle-Wyckoff Hub Tower Cleared $75.8 Million

Just as telling as the purchase price is what did not hit the city register alongside the deed: a senior mortgage. CDK 3-50 St. Nicholas LLC closed 16-37 Woodbine Street with $75.83 million of unencumbered equity—or an unsecured corporate line—allowing the buyers to move with immediate execution certainty.

When financing contingencies can stall a New York closing for sixty days, showing up with $75.83 million in cash at $382 a square foot is the sharpest weapon a buyer can bring to the negotiating table—leaving the sponsorship free to recapitalize in the senior debt market once initial leasing and business-plan milestones are locked in.

From Our Desk

When we look at 16-37 Woodbine Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. CDK 3-50 St. Nicholas LLC didn't try to fight the tape—they bought Ridgewood footage at $382 a square foot and structured the stack to match the asset's timeline. Anchoring ground-floor national retail and medical office beneath 17 stories of transit-oriented apartments right above the L and M trains created an outer-borough cash machine that more than doubled its 2021 valuation.