Clinton Flats at 30 and 40 Clinton St. in Newark — Courtesy: Paramount Assets
By Joshua Burd
An investment firm is unveiling 47 new luxury apartments and commercial space at a pair of historic commercial buildings in downtown Newark.
Paramount Assets, which is based in the city, announced Tuesday that it has launched leasing at 30 and 40 Clinton St. after rehabilitating and converting the properties. Known collectively as Clinton Flats, the properties are now home to a mix of studio and one-bedroom apartments at the Mulberry Street intersection, with amenities such as a fitness center and a rooftop terrace.
“With leasing underway at 30 Clinton and construction nearing completion at 40 Clinton, we are excited to see the neighborhood coming to life,” said Richard Dunn, senior vice president of Paramount Assets. “Clinton Flats demonstrates our expertise in preserving the original beauty and character of historic buildings while infusing them with the amenities and conveniences that savvy renters demand. And we are proud that the addition of 47 upscale rental units in two revitalized downtown properties will provide Newark with sustainable benefits for years to come.”
Built in 1914, 40 Clinton is an eight-story, 18,800-square-foot Gothic-influenced building that now includes 27 apartments. Next door is 30 Clinton, a six-story, 13,800-square-foot property built in 1910, which features the remaining 20 units.
Paramount has restored the buildings’ entrances, lobbies and interior spaces as part of its project, according to a news release. Other on-site amenities include a lounge and tenant storage.
The firm also noted that the United States Post Office currently occupies 2,500 square feet of commercial space at 40 Clinton, which is within Newark’s central business district. That means residents have access to the city’s cultural, entertainment and dining destinations, along with mass transit at Newark Penn Station and a quick drive to the city’s major highways.