
the staff of the Ridgewood blog
Ridgewood NJ, Onyx Equities,Managing Partner John Saraceno one of New Jersey’s leading real estate firms, has finalized the sale of a 17,000-square-foot property in downtown Ridgewood for $5.7 million, according to a Monday announcement by Cushman & Wakefield, the real estate services firm that managed the deal.
This sale highlights the ongoing strength and desirability of Ridgewood’s retail and commercial real estate market.
Details of the Sale
The property, located at 30-38 Oak Street, was originally purchased by Onyx Equities in 2007 for $3.52 million, as reported in public records. While the buyer’s identity remains undisclosed, the price reflects the growing value of commercial properties in the area.
The site is home to several tenants, including:
- Park West Tavern, a popular dining destination.
- Je Lu Ja Spa, offering luxury spa services.
- Ridgewood Education Association, the teacher’s union.
- Ridgewood STEPSS (School Transition and Employment Program for Student Success), a program supporting students in their transition from high school to post-graduate life.
Why Ridgewood?
Andrew Schwartz, a Cushman & Wakefield executive, emphasized Ridgewood’s unique appeal:
“Ridgewood is one of New Jersey’s most desirable downtowns.”
Its pedestrian-friendly layout, mix of high-end retail and dining options, and thriving local economy make Ridgewood a sought-after location for investors.
Rising Demand in Nearby Areas
Ridgewood isn’t the only town seeing commercial property sales. Recent transactions include strip malls in Park Ridge and Wyckoff, though these locations lack the pedestrian-focused downtown charm that Ridgewood offers.
According to a blog post by DRK Real Estate, commercial properties like these are often purchased as investment opportunities and income sources, further underscoring their financial potential.
What This Means for Ridgewood
The sale of 30-38 Oak Street reinforces the strength of Ridgewood’s retail market. Schwartz added:
“This transaction underscores the strength of Ridgewood’s retail market, which continues to attract high-quality tenants and investors.”
With its vibrant downtown and steady flow of commercial interest, Ridgewood continues to be a standout destination for businesses and investors alike.
BUT DOES IT HAVE A JAPANESE KOI POND? https://theridgewoodblog.net/but-does-it-have-a-japanese-koi-pond/
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Is the seller the same as the developer at sealfons, ken smith etc?