Ridgewood’s Lincoln Building sold for $3.9 million
JANUARY 30, 2015 LAST UPDATED: FRIDAY, JANUARY 30, 2015, 1:21 AM
THE RECORD
Saxum Real Estate Partners has bought the Lincoln Building, one of Ridgewood’s oldest office properties, for $3.9 million, according to the broker in the deal.
The five-story, 24,000-square-foot building, in Ridgewood’s shopping district across from the train station, was built in 1927, according to town records.
The former owner, The Lincoln Building LLC, an affiliate of Sedler Realty, had purchased the property in 2006 for $3 million, according to property records.
https://www.northjersey.com/news/business/ridgewood-building-sold-for-3-9m-1.1261626
Ridgewood’s tallest office building makes its way to the sales block
https://theridgewoodblog.net/ridgewoods-tallest-office-building-makes-its-way-to-the-sales-block/
Interesting development for Village should be taken advantage of — many possibilities for uses there. A hotel might be one — perhaps you have one of your own ?
Dom more office space is what the restaurants and stores need
There’s is no demand whatsoever for a hotel in Ridgewood. The property will likely continue to be used to house businesses like realtors and professional services.
The amount seems low was there a problem with the building?
I believe it was first on sale of over 5 million , but NJ real estate isn’t what it used to be , high taxes and no jobs
Th price on this kind of real estate has lowered due to the changes that are happening in what used to be a sure-fire investment. Up until fairly recently, getting business tenants was fairly easy, but now with the advancements in technology, retails stores and even professional services are no longer lining up to move in. Downtown shopping is all but dead on a global scale.
Do I understand correctly that in 2006, almost the peak of the bubble, this building sold for $3m, and now, 9 years and a massive correction later, they want to earn 33% on it?
Good luck with that.
No apartments pleeze……..
You could squeeze 2 banks in that space…..
#7, they are not asking $3.9, the sale closed for that amount.
That said, it would have been higher if the building had more than a couple parking spaces.