Paramount Assets has added 560 Broad Street to its Newark property portfolio. Located between Lombardy and Fulton streets, the acquisition encompasses a 33,000-square-foot, four-story office building vacant at the time of sale, and an 18,000-square-foot neighboring space that previously housed the Broad Street Café and Little Theatre. Terms of the deal were not disclosed.
Situated in the up and coming University Heights area of Downtown Newark, the purchase provided the opportunity for Paramount Assets to acquire a value-add real estate asset with adaptive reuse potential, according to Richard Dunn, senior vice president. The acquisition also underscores Paramount Assets growing presence in the burgeoning Essex County city: The firm recently completed the redevelopment of 2 Ferry Street, and currently is developing William Flats, a luxury multifamily rental property at 869 Broad Street.
“The accumulation of real estate in this downtown area is significant, and 560 Broad Street certainly is a valuable addition to our portfolio,” said Dunn. “Existing properties in urban locales with strong adaptive reuse potential are very attractive to us. In this case, having two contiguous spaces that can be combined into one larger block – measuring about 110 feet wide by 170 feet deep – was a key factor in our decision to purchase these two properties.”
560 Broad Street lies in the heart of the City’s Central Business District within walking distance of Broad Street Station. By car the building offers easy access to I-78, I-280, the NJ Turnpike and Routes 1&9. It is just steps away from restaurants, hotels and new luxury high-rise apartments, along with arts district attractions including the Newark Museum, Newark Public Library, Prudential Center and the New Jersey Performing Arts Center, among others. The Newark campuses of Seton Hall and Rutgers universities and the New Jersey Institute of Technology all are nearby.
Dunn said his company is still determining the best use for the property. “We’re in the strategic planning phase, conducting our due diligence and evaluating what’s possible – and feasible – in that location. It’s exciting because we have two great structures to work with and, ultimately, a lot of possibilities ranging from historic preservation to converting the property into a mixed-use midrise tower. This downtown area is the economic engine of the City; it’s where people want to be. The goal in transforming this property is to bring more life and more people to this area which has long-term, sustainable benefits for Newark.”
