By Joshua Burd
A family-owned real estate firm has acquired a 3,200-square-foot building in downtown Ridgewood, with plans to repurpose the site to create new retail and office space.
According to Lee & Associates New Jersey, which arranged the sale, the two-story structure at 15 Godwin Ave. is currently home to a dry cleaner. The buyer, Abaco, plans to begin its redevelopment immediately after paying an undisclosed sum for the property.
Lee & Associates New Jersey’s Josh Krantz represented both parties.
“15 Godwin Avenue provides the buyer with a unique redevelopment opportunity to bring high-quality retail and office space to Ridgewood,” said Krantz, a senior vice president with the firm. “We are excited to see the transformation of the space and give new tenants the opportunity to venture into the market.”
Abaco intends to use the newly acquired site as an investment property, Krantz said, noting that the redeveloped building will include ground-floor retail space with office space above. The property is across the street from Whole Foods Market and around the corner from the Ridgewood train station.
