A rendering of Ridgewood Station Luxury Apartments at 1 Franklin Ave. in Ridgewood — Courtesy: Onyx Living
By Joshua Burd
With two new luxury apartment buildings under construction in Ridgewood, Onyx Equities LLC has unveiled the launch of its new residential division.
The real estate investment and management firm announced the debut of Onyx Living, a unit that includes company executives and outside professionals. The launch coincides with its two multifamily projects in downtown Ridgewood, which total 99 units and seek to capitalize on the village’s mass transit access and well-known central business district.
The developments include Ridgewood Station Luxury Apartments, which is adjacent to the town’s train station at 1 Franklin Ave., with plans calling for 60 one- and two-bedroom units ranging from 676 to 1,742 square feet. Delivery is slated for mid-2020, Onyx said, also touting 7,000 square feet of street-level retail space and the fact that several top floor homes will offer private terraces.
“We have significant interest in the ground floor retail space from a number of exciting retailers, as the site is adjacent to the train station yet provides rare dedicated parking in the heart of Bergen County’s best downtown,” said Matthew P. Flath, vice president of Asset Management with Onyx Equities.
The Woodbridge-based firm, which is behind some of the state’s most high-profile commercial projects of recent years, also detailed a project known as The Enclave at Ridgewood. Located on North Maple Avenue between East Ridgewood and Franklin avenues, the property will include 39 apartments ranging from 730 to 1,398 square feet.
One top-floor unit offers an expansive outdoor terrace, while several units will offer Juliet balconies, the news release said. Completion is slated for December 2020.
Amenities at the properties, which will both be pet-friendly, will include on-site parking, controlled access, a fitness center, resident lounge with WiFi and a rooftop common space.
The Onyx Living team is headed by John Saraceno Jr., the firm’s co-founder and managing principal, and managed by Vice President of Construction Paula Pangilinan. The team also includes Marla Posey of Spark Multifamily Consulting, Minno & Wasko Architects and Planners and Three17 Construction.
In announcing the Ridgewood projects, Onyx touted a train stop that offers a 50-minute direct commute to New York Penn Station. The firm also cited the municipality’s top rankings from outlets such as Niche.com and 201 Magazine, along with a downtown that includes national retailers, specialized boutiques and a host of dining options.
Since its founding in 2004, Onyx has acquired more than $2.5 billion worth of real estate throughout New Jersey, New York, Pennsylvania and Connecticut, executing more than $230 million in capital improvements through repositioning projects.