The Historic Ridgewood Theater Is Reportedly In Contract For $7 Million

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It’s been a long haul for the Ridgewood Theater. The 34,000-square-foot property at 55-27 Myrtle Avenue first came on the market in May 2008 just two months after the lights went up on the last showing at the five-screen moviehouse. By 2010, the year that the facade was landmarked, the price was down to $3.9 million, according to Queens Crap. CPEX has had the Thomas White Lamb-designed property listed for $8.5 million in recent months, and an article in yesterday’s Queens Courier noted that the property is now in contract for $7 million. Based upon current zoning, a developer could add another 19,000 square feet for a total of more than 53,000 square feet. The identity of the Brooklyn-based buyers is unknown as are their plans for the place, but the seller has been marketing a rendering that shows a multi-level retail concept fronting on the Cypress Avenue side; many in the community are holding out hope that the site will remain devoted to entertainment purposes.

Click through below to see it along with a photo of the rundown but still quite beautiful interior. For more old photos go to Afterthefinalcurtain.net. Seems to us that the right price is probably somewhere between $6 and $7 million. GMAP

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