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Paramount Assets Completes Adaptive Reuse at 162-166 Main St., Paterson, N.J
New M&T Bank Branch, Residential Pre-Leasing Reflect CBD Revitalization
By: Paramount Assets
Located on the corner of Van Houten Street, the four-story structure formerly housed street-level retail, with the upper floors serving as warehouse space. Totaling 16,000 square feet, the retail component has been renovated and is occupied by an M&T Bank branch – which opened this spring – and a long-time jeweler tenant.
Paramount Assets converted the balance of the building into 12 luxury rental apartments, half of which have been pre-leased. The studio, one- and two-bedroom units feature hardwood floors and high-end kitchens with marble countertops and stainless-steel appliances.
Paramount Assets replaced windows and re-roofed the structure at 162-166 Main Street while preserving the building's original features via the restoration of its brickwork, limestone trim and cornice. The firm also installed a new elevator and egress staircase, high-efficiency HVAC and updated electrical service as part of the overall project.
"Ultimately, we have taken a building with 'good bones' and positioned it to support the revitalization of downtown Paterson," noted Paramount Assets' Richard Dunn, senior vice president. "This city benefits from a forward-looking government committed to establishing a balanced mix of modern commercial, residential and recreational product to support a 24/7 CBD."
The renovation was encouraged by The City of Paterson, which worked to obtain funds for improvement in the neighborhood under the New Jersey Economic Opportunity Act (NJEOA). This provided an incentive for development of the area and attracted Paramount Assets to the project. Paterson was the one of the first eligible cities to receive state funds under the NJEOA.
Historic Preservation Sparks New Business and Residential Interest
At the same time, Dunn credits the city's Historic Preservation Commissions for its efforts to preserve the city's rich character. "Our shared goal was to leverage this property's potential to achieve its best and highest next-generation use – while maintaining its historic charm," he added. "Our lease to M&T Bank and rapid multifamily leasing progress indicates that we have done just that."
Projects like 162-166 Main Street are sparking new business and residential interest in downtown Paterson. "We're thrilled to add our new branch to the multitude of other economic investments taking place in Paterson," said M&T Bank Regional President for New Jersey Tom Comiskey. "Paterson is home to one of New Jersey's most diverse communities, and we are excited for the opportunity to serve its residents and small businesses with our community-focused approach to doing business."
162-166 Main Street represents Paramount Assets' fourth historic preservation adaptive reuse in Paterson. Its other local properties include 199 Market Street, 146 Main Street and 42 Broadway; the latter received a Historic Preservation Award from the city.
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