Sale marks first step in project to reimagine 108,000-square-foot landmark industrial property
Paterson, N.J. (August 11, 2021) – NAI James E. Hanson and Van Houten Group announce they have negotiated the sale of 468 Totowa Avenue, a 108,000-square-foot, four-story historic loft complex in Paterson, N.J. NAI James E. Hanson’s Michael G. Walters, SIOR and Cameron Silverstein along with Van Houten Group’s Richard Van Houten represented the seller, 468 Totowa Avenue, Inc. in the sale to 100 Mile Renard Totowa LLC.
Standing at the highest point in Paterson, 468 Totowa Avenue boasts an unmatched view of the city and the nearby Garrett Mountain Reservation. Formerly the home of Miesch Silk Company, 468 Totowa Avenue was once a key piece of Paterson’s economic fabric. However, since the company vacated the property decades ago, it had fallen into disrepair. With deep experience in northern New Jersey and Paterson, NAI James E. Hanson’s Walters and Silverstein along with Van Houten were retained to secure a visionary and creative buyer who could find a second life for the historic property.
The sales team understood that 468 Totowa Avenue offered a rare opportunity to acquire a property in an area primed for a resurgence. Under the leadership of Paterson Mayor André Sayegh, the once formerly industrial area around 468 Totowa Avenue has seen substantial investment and redevelopment activity over the past several years. The property is adjacent to Hinchliffe Stadium, the site of a new, fully funded $70 million mixed-use redevelopment project which was financed by Goldman Sachs and US Bank, Vista Park, an 8.4-acre hilltop property recently purchased and preserved by the State of New Jersey in perpetuity, and Great Falls National Historic Park, a popular tourist destination with over 400,000 annual visitors. Further enhancing its redevelopment potential, 468 Totowa Avenue is also situated in an Opportunity Zone, an Urban Enterprise Zone, and a New Jersey Growth & Redevelopment Zone.
Adeptly navigating the challenges of marketing properties amidst the COVID-19 pandemic, Walters, Silverstein, and Van Houten were able to procure a buyer hoping to tap into the ongoing renaissance of Paterson. Introduced by Walters, Silverstein, and Van Houten, Procida Funding and Asset Realty & Construction purchased the property as partners in June 2021. Though new ownership’s plan for the property has yet to be conveyed, it is rumored that a potential redevelopment of the site would retain and restore much of the site’s historic structures.
“As we sought to market 468 Totowa Avenue, we knew we were not just selling a building, but a vision of what Paterson could be,” said Walters. “Through the continued vision and leadership of Mayor Sayegh’s administration, we are confident that Paterson’s best days lay ahead. We are honored to have a hand in helping to bring another tangible and transformative redevelopment project to the City and look forward to being a part of its continued progress”