Paramount Assets Celebrates Grand Opening of Clinton Flats in Newark

Ribbon Cutting Marks Completion of Adaptive Reuse Project and Leasing Milestone

On May 10, 2021

A formal ribbon-cutting ceremony marked the official grand opening of Clinton Flats, Paramount Assets’ latest mixed-use redevelopment in Newark’s historic Four Corners district. Located at 30/40 Clinton Street on the corner of Mulberry Street, the 47-unit multifamily mixed-use development has preserved and transformed two aging, yet historically significant office buildings. The project has attracted much interest, with the property already 50 percent leased.

Members of the Paramount Assets team joined local dignitaries at the ceremony. Pictured here are (L-R): Maurice Levy, COO, Paramount Assets; Solomon Levy, chairman, Paramount Assets; LaMonica McIver, Newark Central Ward Council Member; and Richard Dunn, senior vice president, Paramount Assets.

“The central ward is booming and the Mayor and I are excited about it,” said McIver. “Today is another move on the chessboard for us as we cut the ribbon to this amazing development, adding to the great portfolio in the City of Newark, and, of course, under Paramount Assets.”

“These adaptive reuse preservation projects provide a unique living experience in the heart of Newark’s vibrant downtown,” said Richard Dunn, senior vice president of Paramount Assets. “Paramount Assets is proud to offer another exceptional opportunity to live in a building of special historic significance so beautifully preserved. We are especially proud of our expertise and experience in this area, and the opportunity to preserve the beauty and character of these buildings, while contributing to the revitalization of this great city.”

Both 30 and 40 Clinton are included in the National Registry of Historic Places. Constructed in 1914, 40 Clinton is an eight-story, 27,350-square-foot Gothic-influenced building with a fully-restored architecturally distinctive exterior. Many of the building’s original features have been preserved, including the decorative lobby, original mailbox system and copper windows. Formerly known as the Eclipse Building, it was home to the original Seton Hall Law School. The new adaptive reuse includes 26 one-bedroom apartments and one two-bedroom apartment. The US Post Office occupies a total of 2,602 square feet on the ground floor.

The 20,250-square-foot property at 30 Clinton, previously known as the Baldwin Building, was built in 1910 and originally housed Newark’s Board of Education and Teacher’s Union Benefits offices. Five stories of residential space, totaling 17,900 square feet, features a mix of 20 studio and one-bedroom, one-bathroom units. First floor retail space includes a total of 2,340 square feet, which is currently being marketed for lease. 30 Clinton also boasts a beautifully landscaped, fully furnished rooftop terrace with elevator access and views of downtown Newark including Prudential Center and new Mulberry Commons Park.

Residents of Clinton Flats enjoy features such as high ceilings, hardwood floors, ceramic tiles, designer kitchens with stainless steel appliances and Caesarstone countertops, and all-in-one washer/dryers. On-site amenities include a fitness center, lounge, tenant storage, state-of-the-art video surveillance and intercom system and secure building access.

Ideally situated in Newark’s Downtown Commercial Business District, Clinton Flats offers proximity to the City’s premiere cultural, entertainment and dining destinations including the Prudential Center, the New Jersey Performing Arts Center, the Newark Museum of Arts and Newark Symphony Hall. Residents can walk to Newark Penn Station, which has express train service to New York City, and Newark Liberty International Airport is a short car ride away. Commuters to Manhattan and other business centers throughout the tri-state area enjoy easy access to major highways, including I-78, I-280, the New Jersey Turnpike and Routes 1 & 9.

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