Paramount Assets completes adaptive reuse in Paterson, NJ
PATERSON, NJ — The adaptive reuse of a downtown Paterson historic property is now complete, introducing renovated retail space and new multifamily product at 162-166 Main St. Paramount Assets purchased this significant Silk City building in 2016 and worked closely with the Paterson Historic Preservation Commission in its redevelopment. Located on the corner of Van Houten St., the four-story structure formerly housed St.-level retail, with the upper floors serving as warehouse space. Totaling 16,000 s/f, 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 St. while preserving the building’s original features via the restoration of its brickwork, limestone trim and cornice.