30-38 Oak St. in Ridgewood — Courtesy: Cushman & Wakefield
By Joshua Burd
Onyx Equities has sold a nearly 17,000-square-foot retail building in downtown Ridgewood for $5.65 million, brokers with Cushman & Wakefield announced Monday.
In a news release, the brokerage team said the property at 30-38 Oak St. is 91.8 percent occupied by tenants including Park West Tavern, Je Lu Ja Spa, Ridgewood Education Association and Ridgewood STEPSS. An undisclosed investor purchased the two-story, 16,698-square-foot structure, which has 100 feet of frontage on Oak Street and is bolstered by the recently completed Hudson Street Parking Garage and several nearby multifamily developments.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and David Bernhaut represented the seller.
“This transaction underscores the strength of Ridgewood’s retail market, which continues to attract high-quality tenants and investors,” Schwartz said. “The property’s location in one of New Jersey’s most desirable downtowns, combined with its tenant mix and potential for value-add through leasing the lower level, made it an attractive investment opportunity.”
