A rendering has been revealed for the largest new development in Ridgewood, a seven-story, 90-unit rental tower.
Construction has already begun on the project, which will be located at 16-14 and 16-26 Madison St. Essex Capital is building the residential structure and hopes to keep rents much lower than those in Manhattan and Brooklyn neighborhoods, according to a published report.
But rents in Ridgewood have been surging when compared to just five years ago, and exact rates weren’t given yet, Crain’s reported.
White Plains-based KSQ Architects is designing the building, which will also have 45 parking spaces, according to records filed with the Buildings Department in 2013.
Essex Capital paid $4.7 million for the two lots in 2013, according to city records.