An aerial view of the Ridgewood Theatre on Myrtle Avenue. The property could be the future site of a $25 million dollar renovation. Photo courtesy of Friends of Ridgewood Theatre
The historic Ridgewood Theatre could reopen as a music venue if the real estate company currently handling the property can find the right tenant, according to CPEX Real Estate managing director Ryan Condren.
“We’re not ruling anything out. At the end of the day it just has to make economic sense,” Condren said.
Ted Renz, executive director of the Ridgewood Local Development Corporation, said that he supports the idea to turn the theatre back into a burgeoning space for art and entertainment, but remains skeptical at how quickly such a project will move forward.
“We’ve been down this road before,” he said. “Returning it back to theatre use would be good for the community. It’s just a question of finding a tenant.”
Renz said that the extreme cost to renovate the theatre – particularly as a music venue – could prevent potential tenants from showing an interest. According to Renz, an architect previously estimated the renovation at $25 million.
“In these economic times, I don’t know how someone will afford something like that.”
CPEX Real Estate was hired a month ago, and Condren said that selling this unique piece of property has been a challenge. But he remains optimistic in its potential.
“Our marketing efforts have been very positive. This part of Ridgewood is an up and coming area, and something like this would really help it along.”
The theatre was originally opened in 1916, and staged that era’s entertainment through Vaudville shows and silents films. After closing its doors in March 2008, it was recognized as the longest continuously operating first-run theater in New York City.
In January 2010, Queens preservationist Michael Perlman founded Friends of The Ridgewood Theatre, and won individual landmark status for the theatre. Now the parties involved with the theater are looking to find a tenant who will preserve the historical value while creating a new space for entertainment.
“It’s a historic building, and we’re open to it being of any viable use to this community,” Renz said. “It would be a shot in the arm, and certainly revitalize that end of the district and be a catalyst for other things to come.”
By Ryan Lavis
