The Real Deal New York

AB Capstone plans 17-story mixed-used building in Ridgewood

The Meir Babaev-controlled company paid $8.7M for the site in 2014

August 19, 2015 01:00PM
By Ariel Stulberg

3-50 St. Nicholas Avenue (credit: and Meir Babaev

3-50 St. Nicholas Avenue (credit: and Meir Babaev

UPDATED, 1:20 p.m., Aug. 19: Meir Babaev’s AB Capstone is constructing a new 180,000-square-foot mixed-use building at 3-50 St. Nicholas Avenue in Queens’ Ridgewood neighborhood, according to plans filed with the city Wednesday.

The structure’s lower five floors will contain around 90,000 square feet of commercial space.

Around 30,000 square feet, the entire ground floor, will be devoted to retail. Around 60,000 square feet on floors three through five will be offices. And two parking facilities will occupy the basement, 210 spaces, and the second floor, 140 spaces, according to Babaev.

The top 12 floors will house 130 rental units set across about 90,000 square feet of total residential space. The sixth through 11th floors will contain 12 apartments each, the 13th floor will have 11 units, the 14th through 16th floors will have nine units. The 17th floor will have just seven units. The top floor will be a mechanical penthouse.

No rendering of the planned building is available.

Babaev’s company bought the site in July 2014, paying $8.7 million. The buy also includes the adjacent property 3-36 Nicholas Avenue and development rights for 16-37 Woodbine Street and 54031 Myrtle Avenue. The site is currently home to a pair of single-story retail buildings.

AB Capital earlier this summer sold a pair of buildings in Jamaica to a truck rental company for $15.7 million.

Babaev was involved in a lawsuit last year filed by the condo board at 150 Nassau Street in the Financial District over a plan to open a Denny’s restaurant at the site. The suit was ultimately settled, and a Denny’s location opened at the location last August.