From left: Carmelo G. Garcia, Newark’s deputy mayor and chief of development; Solomon Levy, chairman of Paramount Assets; Newark Mayor Ras Baraka; Maurice Levy, principal partner of Paramount Assets; and Richard Dunn, senior vice president of Paramount Assets. — Courtesy: Paramount
By Joshua Burd
Paramount Assets has completed its transformation of a historic commercial building in downtown Newark, delivering 37 new luxury apartments and street-level retail space.
The developer this week debuted the mixed-use project, known as William Flats, at the former United Women’s Garment Workers’ Union headquarters property. Located at the corner of William and Broad streets, the building boasts a location between Teachers Village and the Prudential Center and within Newark’s quickly changing downtown.
Members of the Paramount Assets team joined Newark city officials to debut the adaptive reuse project.
“Paramount Assets is committed to the city of Newark and we are excited to be part of this community,” said Richard Dunn, senior vice president of Paramount Assets. “In developing William Flats, our goal was to create a multifamily offering that complements the surrounding neighborhood and symbolizes the continuation of Newark’s revitalization. We are proud that Newark will realize sustainable benefits from the transformation of this landmark property for many years to come.”
Designed by Jarmel Kizel Architects and Engineers Inc., William Flats preserves many features of the original building, including its architecturally distinctive façade, while incorporating modern conveniences and green elements, the developer said. For instance, the design features a courtyard core with a vertical garden and landscaped deck.
Residents of the property’s studio, one- and two-bedroom units will have high ceilings, LED lighting, integrated video surveillance intercoms and other features, according to a news release. Amenities include a secured package room for Amazon and other deliveries, a recreation room and gym.
Meantime, the project’s 12,000-square-foot retail component has attracted Santander Bank and 7-Eleven.