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PATERSON, NJ-Mercury Development Group and Poskanzer Skott Architects have unveiled Silk City Lofts, a 48-unit residential building at 175 Broadway here. The sales office is now open, and the five-story former silk mill is receiving its finishing touches.

The property features one and two bedroom condominiums as well as two-bedroom duplex lofts, all with eight-foot to 10-foot windows. Additional on-site amenities include a fitness center and a community center located in the basement.

The project saw the old silk mill completely gutted before partners Barry Poskanzer and Larry Skott of Ridgewood, NJ-based Poskanzer Skott could arrange the interiors. “This project had very little salvage on the inside, we gutted it back to the columns,” Poskazer tells GlobeSt.com. “It was a huge open floor when we were ready for the new partitions to go up. So, other than the rhythm of the windows, the design was pretty much up to us.”

The challenges that go along with converting an old mill are not new to Poskanzer—his company converted the former Beattie Carpet Mill in Little Falls, NJ into a residential building known as the Mill at Little Falls. They also converted a four-story former mill into an outpatient medical facility with 34 affordable housing units for St. Joseph’s Hospital in Paterson. Poskanzer enjoys these types of projects.

“It’s a very different rhythm than designing something totally from scratch,” he says. “You’re constrained in some ways, but somehow that becomes liberating in terms of what you can do inside the existing framework.”

Both the developer and the architect have high hopes for the project. “This building is the first phase of what the developer hopes will be some new construction in the neighborhood,” says Poskanzer. “They believe that they can make a difference, that the neighborhood will perk up and this will be the stone in the pond that will create ripples of new development.”

The project is scheduled for completion by the end of the summer, and new owners are expected to begin moving in sometime in the fall. The project cost is between $8 million and $9 million, according to Poskanzer Skott, and individual lofts reportedly start at $140,000.

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