468 Totowa Ave. in Paterson — Courtesy: NAI James E. Hanson
By Joshua Burd
A joint venture has purchased a historic industrial complex in Paterson, paving the way for a potential adaptive reuse project alongside other redevelopment efforts in the city.
The 108,000-square-foot property, 468 Totowa Ave., is the former home of the Miesch Silk Co. and represents an investment opportunity in an area that has attracted other buyers in recent years, according to brokers with NAI James E. Hanson and Van Houten Group. An entity listed as 100 Mile Renard Totowa LLC, which includes Procida Funding and Asset Realty & Construction, acquired the structures from 468 Totowa Avenue Inc.
NAI Hanson’s Michael G. Walters and Cameron Silverstein, along with Van Houten’s Richard Van Houten, represented the seller. Terms were not disclosed.
“As we sought to market 468 Totowa Avenue, we knew we were not just selling a building, but a vision of what Paterson could be,” Walters said. “Through the continued vision and leadership of Mayor (Andre) Sayegh’s administration, we are confident that Paterson’s best days lay ahead. We are honored to have a hand in helping to bring another tangible and transformative redevelopment project to the city and look forward to being a part of its continued progress”
In a news release, NAI Hanson noted that 468 Totowa Ave. sits at the highest point in Paterson, offering views of the city and the nearby Garrett Mountain Reservation. The property was once a key piece of the city’s economic fabric, the firm said, but has fallen into disrepair since Miesch Silk vacated it decades ago.
NAI Hanson and Van Houten had been marketing the four-story property since 2019, seeking a buyer that could breathe new life into the structure. Along the way, investors have gravitated to many of the former industrial buildings that surround it, seeing them as candidates for adaptive reuse projects that benefit from their historic architecture.
The property is also adjacent to Paterson’s landmark Hinchliffe Stadium, which is being restored as part of a $70 million redevelopment project by BAW Development and RPM Development. Additionally, the site is steps from Great Falls National Historic Park and qualifies for valuable incentives under various state and federal programs.
NAI Hanson noted that, while the new owners have yet to convey their plan for the property, it is rumored that a potential redevelopment of the site would retain and restore much of the historic structures.