Paris Square at 199 Paris Ave. in Northvale — Courtesy: Coldwell Banker Realty
By Joshua Burd
A developer and its sales team have unveiled the latest piece of a previously stalled, age-restricted condominium community in the Bergen County borough of Northvale.
According to Coldwell Banker Realty, the opening of The Monroe and Madison Building at Paris Square comes as part of the 10-building, 111-unit community at 199 Paris Ave. The new phase marks a milestone for a property that began construction some 15 years ago and has been revived of late by Alvin Sarter of Treuhold Capital Group, who tapped a sales team led by Anne Van Dyke of Coldwell Banker Realty’s Closter and Alpine office and Coldwell Banker Realty New Homes.
Prices start in the mid-$400,000s.
“Coldwell Banker Realty New Homes understood the value proposition presented by Paris Square relative to the market area competition and immediately set out to implement a sales and marketing strategy to effectively deliver this message to the local community,” Sarter said. “They know exactly what buyers are interested in when buying new construction — particularly in an age-restricted community and focused their efforts on leveraging the quality of what we were building with the amenities package offered at Paris Square.”
In a news release, the team said Paris Square was roughly half-complete and had underwhelming sales velocity when Sarter’s Treuhold Capital acquired the property, seeking to resuscitate it as a destination for active adults in northern New Jersey. Along with the Coldwell Banker team, he tapped local builder Ray Reduce Development, residential designer Deb Franklin and local lenders Procida Funding and ConnectOne Bank to bring the project to the market.
Paris Square is now aimed at so-called junior seniors aged 55 to 74, offering upscale one-, two- and three-bedroom homes ranging from 820 to 1,537 square feet, the news release said. Amenities include a community clubhouse, a heated pool, a walking path and park, a fitness room and a stadium-seat theater, among others.
“Paris Square is, dare I say, ‘sexier,’ than many other area age-restricted developments,” Van Dyke said. “Because of that we have seen more and more younger buyers coming in during this sales phase. It is clear that there is great excitement for the community in the local area and we look forward to continuing to help people find their homes at Paris Square.”
The property’s Jefferson Building was sold out prior to its completion, the news release said. In addition, remaining homes at Paris Square are 40 percent presold, while construction for the full community is slated for completion in early 2023.
“Our success at Paris Square only further underscores the critical role that effective and data-driven branding and marketing plays in the success of a real estate development,” said Sheryl Ritschel, director at Coldwell Banker Realty New Homes. “We are excited to celebrate this milestone as we grow our reputation as a trusted partner to builders, developers and Realtors across the regional single and multifamily housing community.”
