JCM Investors Acquires Paterson Condominium and Mixed-Use Site

PATERSON, NJ—Silk City Lofts, a 48-unit condominium and retail building at 175 Broadway, Paterson, NJ, and an adjacent development site approved for 195 rental units at 105 Fair Street, have traded to JCM Investors, a Paterson real estate investment firm, from the properties’ owner, Great Falls Realty. NAI James E. Hanson’s Anthony Cassano represented Great Falls Realty and JCM Investors. The financial terms were not disclosed.

Located in the heart of downtown Paterson, the Silk City Lofts features 48 condominium units ranging in size from 717-square-foot one-bedroom units up to 1,996-square-foot two-bedroom units. Converted from a former silk mill, units at the building boast high-end luxury finishes with granite counter tops, 20-foot ceilings and stainless-steel appliances. Amenities include on-site parking, a private fitness facility, on-site laundry room, state-of-the-art intercom monitoring and private storage rooms. The property also features a 9,500-square-foot ground level commercial condominium that is currently available for lease.

Included in the transaction was the adjacent development parcel, which has been approved for 195 rental units and ground-level retail. JCM Investors recognized that both properties presented not just ideal investments but the opportunity to become key pieces in the rebirth of Paterson’s downtown, NAI Hanson’s Cassano says.

“The heightened interest in urban areas from both residents and investors has prompted many cities to attract significant development to their urban cores and help turn around areas that had fallen on hard times,” says Cassano. “We were honored to work with the buyer and seller in this transaction to attract tangible development to downtown Paterson and help begin the turnaround of one of New Jersey’s most historic cities. We look forward to continuing to work with developers in cities across the state to help create unique development opportunities like this one.”