143 West Ridgewood Ave. in Paramus — Courtesy: NAI James E. Hanson
By Joshua Burd
A developer has acquired four acres in Paramus with plans to build more than three dozen townhomes, brokers with NAI James E. Hanson announced Tuesday.
Liger Crossing LLC, which paid an undisclosed sum in the deal at 143 West Ridgewood Ave., also plans to improve a home at the site and repurpose it to a small office building, according to a news release. That will revitalize what the listing team said was the longtime home of a local garden center and, prior to that, a historic residence and Revolutionary War era grist mill.
NAI Hanson Vice President Jonathan Kristofich, Executive Managing Director of Corporate Services Michael G. Walters, Associate Vice President Cameron Silverstein and Associate Ayush Patel represented the private seller and longtime owner. They also procured the buyer, touting the site’s location at the highly visible, signalized intersection at Paramus Road.
“The sale of 143 West Ridgewood Avenue underscores the strong demand for well-located, development-ready parcels in northern New Jersey,” Walters said. “Opportunities of this size and visibility are extremely limited in Paramus, and the site’s zoning flexibility and adjacency to major health care and residential anchors make it ideal for future development.”
NAI Hanson added that the parcel sits along the eastern bank of the Saddle River and directly across from the Ridgewood Duck Pond, offering scenic surroundings and convenient access to the six-mile Saddle River County Park trail system.
“Our team’s deep understanding of the local market and challenges that this property faced for many years uniquely positioned us as the right team to help this multigenerational owner procure a local buyer with the expertise to obtain the necessary approvals to finally bring this property into the 21st century, while respecting its colonial past,” Kristofich said. “We see this as a win-win for all involved.”
