NAI Hanson’s Cassano Negotiates Sale of 48-Unit Condominium Building and Mixed-Use Development Site in Paterson, N.J.
Paterson, N.J. (June 12, 2018) – NAI James E. Hanson, a leading New Jersey based full-service independent commercial real estate firm, has announced the sale of Silk City Lofts, a 48-unit condominium and retail building, at 175 Broadway and an adjacent development site that was approved for 195 rental units at 105 Fair Street in Paterson, N.J. NAI James E. Hanson’s Anthony Cassano represented the seller, Great Falls Realty, LLC, and the buyer, JCM Investors, a Paterson-based real estate investment firm, in the transaction.
Located in the heart of downtown Paterson, the Silk City Lofts features 48 condominium units ranging in size from 717-square-foot one-bedroom units up to 1,996-square-foot two-bedroom units. Converted from a former silk mill, units at the building boast high-end luxury finishes with granite countertops, 20’ ceilings and stainless-steel appliances. Amenities include on-site parking, a private fitness facility, on-site laundry room, state-of-the-art intercom monitoring and private storage rooms. The property also features a 9,500-square-foot ground level commercial condominium that is currently available for lease.
Included in this transaction was an adjacent development site that was approved for 195 rental units and ground-level retail. The Paterson-based buyer recognized that both properties presented not just ideal investments but the opportunity to become key pieces in the rebirth of Paterson’s downtown.
“The heightened interest in urban areas from both residents and investors has prompted many cities to attract significant development to their urban cores and help turn around areas that had fallen on hard times,” said Cassano. “We were honored to work with the buyer and seller in this transaction to attract tangible development to downtown Paterson and help begin the turnaround of one of New Jersey’s most historic cities. The complexity of this transaction necessitated the steady hand of our experienced team and we look forward to continuing to work with developers in cities across the state to help create unique development opportunities like this one.”
For more information about available leasing opportunities, please contact Anthony Cassano at 201-488-5800 x146.
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