Silk City Lofts in Paterson — Courtesy: NAI James E. Hanson
By Joshua Burd
A real estate investment firm has acquired a 48-unit condominium building in downtown Paterson, along with a nearby development site that is approved for 195 rental units.
In a news release, NAI James E. Hanson said it represented both parties in the sale of Silk City Lofts, a converted silk mill at 175 Broadway that also includes a 9,500-square-foot ground-level commercial space. Great Falls Realty LLC sold the property to JCM Investors, a Paterson-based firm.
NAI Hanson’s Anthony Cassano completed the assignment. The transaction also included 105 Fair St., the adjacent development parcel, which has approvals for ground-floor retail space.
“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,” Cassano said. “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.”
Silk City Lofts features condos ranging from 717-square-foot one-bedroom units to 1,996-square-foot two-bedroom units, the news release said. Homes feature high-end finishes and modern appliances, with amenities such as on-site parking, a private fitness facility, on-site laundry room and private storage rooms.
