This is fundamentally a Netgear-specific question, and not something that particularly involves OS X.
169.254.0.0/16 is in the self-assigned IP address range. You're not getting an address from the switch, which implies that the DHCP server isn't working right, that you're not on a vLAN where the DHCP server is working, or the DHCP server is disabled. Given that device is a managed switch, it's anybody's guess how the ports and vLANs and the DHCP server are configured.
If you've not already done so, get the manual for the switch and read through that; that'll give you some idea of the interface and capabilities and norms for the device.
Some of the few discussions on the hardware reset process are here, here and here in the Netgear forums, and particularly a blog post here, and it looks like there are registration-required Netgear forums for this series switch that might have additional discussions.
Based on those Netgear forum discussions, there are some bricked switches around, too.