162 Main St. in Paterson — Courtesy: Paramount Assets
By Joshua Burd
Paramount Assets has completed its adaptive reuse of a historic property in Paterson, debuting renovated street-level retail and new apartments at what had been warehouse space.
The downtown building, located at 162-166 Main St., is now home to about 16,000 square feet of retail space that includes a new M&T Bank branch and a longtime jeweler, the developer said. Paramount added that half of the building’s 12 new apartments were leased prior to delivery.
The project comes about two years after the firm acquired the former Silk City building and began to work with the Paterson Historic Preservation Commission in its redevelopment.
“Ultimately, we have taken a building with ‘good bones’ and positioned it to support the revitalization of downtown Paterson,” said Richard Dunn, senior vice president of Paramount Assets. “This city benefits from a forward-looking government committed to establishing a balanced mix of modern commercial, residential and recreational product to support a 24/7 CBD.”
Located on the corner of Van Houten Street, the four-story structure formerly housed street-level retail and warehouse space on its upper floors, Paramount said. The firm’s project called for replacing the windows and installing a new roof, while preserving the building’s original features via the restoration of its brickwork, limestone trim and cornice.
Paramount also installed a new elevator and egress staircase, high-efficiency HVAC and updated electrical service as part of the overall plan. The newly completed residential component includes luxury rentals ranging from studios to two-bedrooms, with high-end finishes and appliances.
Local officials encouraged the project and worked to obtain funds for neighborhood improvements under the New Jersey Economic Opportunity Act, the developer said in a news release. Dunn credited the city’s Historic Preservation Commission for its involvement in the project, which is Paramount’s fourth adaptive reuse of a historic building in the city.
“Our shared goal was to leverage this property’s potential to achieve its best and highest next-generation use — while maintaining its historic charm,” Dunn said. “Our lease to M&T Bank and rapid multifamily leasing progress indicates that we have done just that.”
The Goldstein Group Principal Neil Goldstein and Sales Associate Roy Paret represented both parties in the M&T deal, the brokerage said. The bank occupies 1,600 square feet.
“We’re thrilled to add our new branch to the multitude of other economic investments taking place in Paterson,” said Tom Comiskey, M&T Bank’s regional president for New Jersey. “Paterson is home to one of New Jersey’s most diverse communities, and we are excited for the opportunity to serve its residents and small businesses with our community-focused approach to doing business.”