480 Flatz at 480 Paterson Ave. in East Rutherford — Courtesy: Diversified Properties
By Joshua Burd
A joint venture has taken the wraps off a new 35-unit luxury apartment building in East Rutherford, with plans to welcome its first residents next month.
The developers, Diversified Properties and North Jersey Builders Group, announced the newly completed project at 480 Paterson Ave. while touting its location at the nexus of routes 3, 17 and 21. The four-story building is among the first new upscale multifamily buildings in the borough’s downtown, offering a short trip to nearby amenities and two NJ Transit rail stations.
Kearny Bank provided financing for the project known as 480 Flatz.
“At the core, we are builders,” said Nicholas Minoia, founder and managing principal of Diversified Properties. “Our foundational understanding of the construction process paired with decades of value-add expertise not only provide us with the vision to see opportunity where many others might not, but the capabilities and efficiency needed to realize it. We look forward to continuing to leverage our value-add experience to bring dynamic, in-demand spaces like 480 Flatz to life in communities across the Northeast in the years to come.”
Designed by Thomas J. Brennan Architects, 480 Flatz includes a mix of one-, two- and three-bedroom units. The project team also includes MCB Engineering Associates and Morris Construction Management, Diversified Properties’ affiliated construction management firm, which managed a project that helped revitalize a vacant bank-owned parcel in the borough.
Diversified noted that it worked closely with municipal leadership and the owner to craft a plan that would enable the bank to exit the property while paving the way for a value-add development project.