Paterson, N.J. (October 15, 2019) – NAI James E. Hanson and Van Houten Corporate Realty announce they have been named the exclusive sales agents for 468 Totowa Avenue, a 108,000-square-foot, four-story industrial/flex complex in Paterson, N.J. The assignment will be handled by NAI James E. Hanson’s Michael G. Walters, SIOR and Cameron Silverstein along with Van Houten Corporate Realty’s Richard Van Houten.
Standing at the highest point in Paterson, 468 Totowa Avenue is an iconic property in one of New Jersey’s most historic cities. Featuring an unmatched view and visibility, 468 Totowa Avenue is comprised of four floors of 20,000 square feet each, attached to a 19,000-square-foot building with a 14’ clear span ceiling. The 108,000 square foot complex features a unique configuration that offers maximum flexibility to a range of potential buyers. Situated on 1.9 acres, 468 Totowa Avenue boasts five tailgates and a single freight elevator with 10,000-pound capacity, located in a common receiving area. 468 Totowa Avenue is in the ARD Adaptive Reuse District zone, which allows a multitude of uses including but not limited to residential, self-storage, warehouse/storage incubator, and venue space.
468 Totowa Avenue’s unique location in an Opportunity Zone, an Urban Enterprise Zone, and a Garden State Growth Zone, allows it to benefit from multiple federal and state economic incentives. Featuring convenient access to major highways and public transportation, 468 Totowa Avenue is situated less than a mile from Route 80 and only 17 miles from New York City via the Lincoln Tunnel. The property’s ideal location is adjacent to Hinchliffe Stadium, the site of a new, fully funded $70 million mixed-use redevelopment project.
The complex is also in proximity to the Great Falls National Historic Park, a popular tourist destination that exceeded 400,000 visitors in 2018. Proposed improvements to the park are expected to grow the number of tourists to over one million in the next several years. Additionally, the complex is adjacent to the proposed Vista Park project, an 8.4-acre hilltop site purchased and preserved by the state of New Jersey.
“With numerous economic incentives and several major mixed-use and redevelopment projects currently underway, the neighborhood around 468 Totowa Avenue is well positioned for a renaissance,” said Walters. “This unique property offers a clean palette and presents a tremendous investment opportunity for the right buyer to create a valuable real estate investment in heart of Paterson’s resurgence. With our deep history in New Jersey, our team looks forward to helping to play in integral part in the city’s rebirth through the successful marketing of 468 Totowa.”
Featuring a unique mix of historic landmarks and many redevelopment projects in the pipeline, significant changes are taking place in the City of Paterson. The current administration has taken steps to drive positive investment and sustainable revitalization of the city through creating a wealth of opportunities for investors. Recently, in July of 2019, Mayor of Paterson Andre Sayegh and his administration backed half a dozen development and redevelopment projects, with letters of support for $130 million in state tax credits. For more on Paterson’s economic development initiatives, please visit www.greaterpatersoncc.org.
Interested buyers should visit www.468totowa.com for more information about the property or contact NAI James E. Hanson listing brokers Michael G. Walters, SIOR, at 201-488-5800 x 143, Cameron Silverstein at 201-488-5800 x 115 or Van Houten Corporate Realty’s Rich Van Houten at 201-406-0611.