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Paramount Assets Adds 560 Broad St. To Its Newark Portfolio

560 Broad Street lies in the heart of Newark’s Central Business District within walking distance of NJ Transit’s Broad Street Station

560 Broad St., Newark, NJ 560 Broad St., Newark, NJ

NEWARK, NJ—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 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 Newark. 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.

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Steve Lubetkin

Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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