A mixed-use building in Ridgewood will be redeveloped into a new retail location with second-floor office space.
The announcement of the project was made June 22 by Lee & Associates New Jersey. The firm arranged the sale of the 3,200-square-foot site at 15 Godwin Ave., which currently houses a dry cleaner, to family real estate company Abaco.
Lee & Associates NJ Senior Vice President Josh Krantz represented both the buyer and the seller in the transaction. Financial terms of the deal were not disclosed.
Work on the redevelopment is expected to begin immediately, according to Lee & Associates New Jersey. The firm said Abaco plans to use the new space as an investment property.
“15 Godwin Ave. provides the buyer with a unique redevelopment opportunity to bring high-quality retail and office space to Ridgewood,” Krantz said in a statement. “We are excited to see the transformation of the space and give new tenants the opportunity to venture into the market.”
The site is located around the corner from the Ridgewood train station and across the street from a Whole Foods Market.
