New apartments at blockbuster prices will soon be the feature presentation at the former Ridgewood Theatre.
The former moviehouse located at 55-27 Myrtle Ave. is being converted from a 2,500-seat, five-screen multiplex theater to a five-story mixed use building featuring a commercial space on the lower floor and 50 residential units on the upper floors.
What really has residents in a tizzy is the prices for the apartments. A banner on the theater’s landmarked marquee is advertising the one-, two- and three-bedroom apartments starting at $2,300. That means the smallest apartments for rent will go for $2,300, with the larger units most likely fetching increasingly more money.
This can't be. REBNY and the pols they have bought off tell us that landmarking decreases property values. The numbers in this article must be typos then.