But the facade of the building, which received landmark status in 2010, will remain in place, with the new building erected behind it.
The theater, which was constructed in 1916 on Myrtle Avenue, one of the main commercial strips in Ridgewood, closed in 2008.
The owner of the site, Bushburg Properties, is planning to build a five-story mixed use building that will also include commercial space, according to the application.
The plan was approved by the Department of Buildings earlier this month, as reported by the Queens Chronicle, and sources said construction is expected to start soon.
A number of local groups and organizations have advocated to set aside the ground floor of the building as art space.
Community Board 5 district manager Gar Giordano said the owners had expressed interest in an art space, but that a willing tenant hadn't been found.
Lacey Tauber, a spokeswoman for Councilman Antonio Reynoso, who represents the area, said in an email that the councilman also favors "a community/cultural use in the commercial space there."
The site owner did not return phone calls seeking comment.