Onyx Equities to roll out 2 Ridgewood rental projects

Luxury building, supportive housing complex to open in early 2022

48 North Maple Avenue/257 East Ridgewood Avenue in Ridgewood NJ, Onyx Equities managing principal John Saraceno Jr. (Onyx Equities)
48 North Maple Avenue/257 East Ridgewood Avenue in Ridgewood NJ, Onyx Equities managing principal John Saraceno Jr. (Onyx Equities)

Onyx Equities is set to usher in two very different rental projects in Ridgewood, New Jersey, in early 2022.

Luxury rental project NOMA and supportive housing residence Ridgewood Commons are set to open early in the coming year, according to NorthJersey.com. Leasing at NOMA will begin in January with move-ins projected for February, while Ridgewood Commons will open in January.

Both projects were approved under Ordinance 3066, which was adopted in 2007 and repealed in 2016. The ordinance permitted applicants from asking for master plan amendments from the planning board before submitting plans for review.

While approved together and jointly planned, the scopes of the projects couldn’t be any more different.

NOMA is sited at the former Hallmark Floor Company store at 48 North Maple Avenue. According to NorthJersey.com, the rental project is a luxury building consisting of 39 units, split between one and two-bedroom apartments.

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Ridgewood Commons, meanwhile, is at the site of the former Sealfons clothing store at 257 East Ridgewood Avenue. The outlet reported the complex is made up of 16 units of supportive housing for residents with special needs. It is broken down into a three-bedroom women’s group home, a five-bedroom men’s group home and six independent living units.

United Way will supervise the special needs housing complex. Daytime support will also be available at the complex for non-residents.

Onyx Equities Managing Principal John Saraceno pointed to the firm’s previous experience in the area as a promising sign for the two projects.

“We leased up The Benjamin in less than two months, which let us know that we made the right product for this community,” Saraceno told NorthJersey.com. “Municipalities need residents to keep their downtowns alive.”

The outlet noted the village approved 251 housing units under Ordinance 3066 before it was repealed, including 30 affordable or special needs units. The ordinance was appealed under pressure from opponents who feared more high-density housing in the village’s retail district, where both of the coming complexes sit.

Onyx Equities formed its residential arm, Onyx Living, in 2019. It was created to oversee the development and management of Ridgewood Station Luxury Apartments and The Enclave in Ridgewood.

[NorthJersey.com] — Holden Walter-Warner

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