Broadway Towers at 595-609 Broadway in Paterson — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
An affiliate of a Brooklyn-based real estate firm has sold a 114-unit apartment tower in Paterson, in a newly announced transaction by Gebroe-Hammer Associates.
According to the brokerage firm, the property at 595-609 Broadway changed hands for $22.75 million, thanks in part to its access to mass transit and growing investor interest the city. Gebroe-Hammer’s Debbie Pomerantz represented 599 Broadway Management LLC in the sale of the property, known as Broadway Towers, and procured the buyer, 599 BWY LLC.
“Paterson is following in the revitalization footsteps of its sister cities of Newark and Jersey City, which are serving as national models for successful urban renewal,” said Pomerantz, a senior vice president with Gebroe-Hammer. “As an urban infill locale with an abundance of retail corridors and commercial and industrial parks, Paterson’s renaissance is rooted in a unique modern identity that reflects its diverse constituent neighborhoods and rich history.”
In a news release, Pomerantz touted the tower’s location within Paterson’s walkable Eastside Park Historic District. The nine-story structure sits at the corner of East 27th Street, sitting housing a mix of one- and two-bedroom floorplans with spacious closets and private patios or balconies.
Gebroe-Hammer added that the midcentury building, which has been continually updated, provides strong local, regional and interstate transit and highway connectivity. Commuter options include front-door NJ Transit bus service along Broadway on routes 171 and 770 as well as the Route 4 Jitney, while rail service along the Main/Bergen County and Port Jervis lines is a mile away.
The area also is served by Interstate 80 and several other major highways.
“With an apartment-dominated housing stock where about three-quarters of the residential real estate is renter occupied, Paterson’s workforce-housing tenant pipeline is historically sustained by an employee base of professional, manufacturing and laborer positions,” Pomerantz said. “Comparatively, Paterson’s rental-living options — ranging from duplexes, homes converted to apartments and small apartment buildings to iconic high-rises like Broadway Gardens — are as diverse as its residential base.”
The seller identified by Gebroe-Hammer shares a Brooklyn address with The Loketch Group, a management and development firm with holdings throughout the East Coast. In announcing the deal, the brokerage firm noted that Paterson is New Jersey’s third-largest and third-most-populous city, with deep roots as a manufacturing hub that was powered by the Great Falls.
Pomerantz also noted that public officials have sketched out plans for mixed-use developments and the campus of a university that they hope to attract in the near future.
“Once again, Paterson is focusing on the natural resource of the Great Falls to power its renaissance,” she said. “Restaurants and stores are gradually expanding their presence within this historic downtown area, making it a destination for visitors and locals alike.”