Real Estate

Two Adaptive Reuse Projects to Come to Downtown Newark

A pair of planned adaptive reuse projects will breathe new life into two of Newark’s downtown commercial properties. Paramount Assets has purchased 30-32 Clinton Street and 36-40 Clinton Street, located within the City’s “Billion Dollar Triangle” – an area anchored by Newark Penn Station, the Prudential Center and NJPAC – with plans to transform these buildings into the neighborhood’s newest mixed-use developments.

“The premier location of these properties made them very attractive to us,” said Richard Dunn, senior vice president of Paramount Assets. “30-32 Clinton Street and 36-40 Clinton Street meet all the necessary criteria for creating today’s successful adaptive reuse projects.  We saw this as an excellent opportunity to reposition two historically significant assets to the benefit of both the City and residents alike.”

Situated off the corner of Clinton and Mulberry streets, both buildings will be fully modernized with beautiful new interior spaces, including upgrades to the entrance, new lobbies and new elevators. To ensure tenant safety and security, each building will have secure access, and state-of-the-art video surveillance and intercom systems. The projects are slated for completion in the first quarter of 2020.

Encompassing six stories and approximately 17,500 square feet, 30-32 Clinton Street was built in 1919 and acquired by Paramount Assets in February 2018.  Once the redevelopment is complete, the building will include a mix of studio and one-bedroom apartments on the upper floors. The first floor will include 1,800 square feet of commercial space.

“Along with creating spectacular new residential units, which are highly sought-after in this neighborhood, 30-32 Clinton Street will include a relaxing rooftop terrace with benches and greenery, a gym, a lounge and on-site tenant storage,” said Dunn. “Situated in a Downtown Redevelopment Zone in proximity to Gateway Center, this property also is ideally located and suitable for a variety of retail and commercial uses. We expect that component to garner tremendous interest.”

Built in the early 1900s, 36-40 Clinton Street is an eight-story, 21,500-square-foot building with an architecturally distinctive exterior that was purchased by Paramount Assets in the summer of 2017.  Redevelopment efforts here will involve creating 27 well-appointed one-bedroom apartment units complemented by tenant amenities such as a gym, a lounge and tenant storage. The United States Post Office currently occupies 2,500 square feet of first-floor retail space and will remain a tenant. Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. The company’s rapidly expanding portfolio currently includes 2.8 million square feet of commercial, multifamily and mixed-use holdings across 25 New Jersey municipalities – including a notably growing foothold in the City of Newark. The company maintains a holistic, vertically integrated approach to real estate development, with in-house acquisition, leasing, legal, accounting, property management and construction teams.

To access more business news, visit NJB News Now.

Related Articles: