730 Madison Ave. in Paterson — Courtesy: NAI James E. Hanson
By Joshua Burd
The owner of a multigenerational paper business in Paterson has sold a nearly 60,000-square-foot industrial building in the city, under a deal arranged by NAI James E. Hanson.
Brokers say the property, 730 Madison Ave., had served as the home of Paterson Papers since 1914, but went on the market as its owner prepared to retire and sell the company. Entities listed as 109 Isabella LLC and 730 Madison YB LLC purchased both the 59,427-square-foot building and a 4,950-square-foot structure across the street.
NAI Hanson’s Darren Lizzack and Randy Horning represented the selling entities, Paterson Card and Paper Co. and JBJB Realty LLC. Terms were not disclosed.
“We are pleased to have secured a buyer on behalf of our client as he prepares for retirement,” Horning said. “The sale of this historic building poses a tremendous opportunity for its new owners and reflects the strength of northern New Jersey’s industrial market.”
In a news release, the brokerage team noted that 730 Madison Ave. qualifies for incentives under the federal Opportunity Zone and state Urban Enterprise Zone programs. The properties provide quick access to Route 46, Interstate 80 and the Garden State Parkway, offering abundant parking with adequate space for an additional lot along, six drive-ins and four loading docks.
The buyer plans to repurpose 19,377 square feet within the larger building to house its commercial painting business while making the remaining 45,000 square feet available for lease.
