Tape cutting brands Adaptive reuse project completed and leasing milestone
May 10, 2021
A ribbon cutting ceremony marked the official opening of Clinton Flats, the latest mixed-use redevelopment of Paramount assets in the historic Four Corners neighborhood of Newark. Located at 30/40 Clinton Street on the corner of Mulberry Street, the 47-unit mixed-use apartment building has preserved and remodeled two aging but historically significant office buildings. The project aroused great interest as the property is already 50 percent rented.
Members of the Paramount Assets team joined local dignitaries at the ceremony. Pictured here are (LR): Maurice Levy, COO, Paramount Assets; Solomon Levy, chairman of Paramount Assets; LaMonica McIver, member of the Newark Central Ward Council; and Richard Dunn, senior vice president of Paramount Assets.
“The central station is booming and the mayor and I are excited about it,” said McIver. “Today is another step on the chessboard for us as we cut the ties on this amazing development and expand the great portfolio in the City of Newark and of course under Paramount Assets.”
“These adaptive reuse conservation projects offer a unique living experience in the heart of vibrant downtown Newark,” said Richard Dunn, senior vice president of Paramount Assets. “Paramount Assets is proud to offer another extraordinary opportunity to live in a building of particular historic importance that has been so beautifully preserved. We are particularly proud of our expertise and experience in the field and of the ability to preserve the beauty and character of these buildings while helping to revitalize this great city. “
Both 30 and 40 Clinton are on the National Registry of Historic Places. 40 Clinton was built in 1914 and is an eight-story, 27,350-square-foot Gothic-style building with a fully restored, architecturally distinctive exterior. Many of the building’s original features have been retained, including the decorative lobby, original mailbox system, and copper windows. Formerly known as the Eclipse Building, this was the original Seton Hall Law School. The new adaptive reuse includes 26 one-bedroom apartments and one two-bedroom apartment. The US Post Office is located on the first floor, covering a total of 2,602 square feet.
The 20,250-square-foot lot at 30 Clinton, formerly known as the Baldwin Building, was built in 1910 and originally housed the offices of the Newark Board of Education and Teacher’s Union Benefits. Five floors of living space totaling 17,900 square meters offer a mix of 20 studios and one bedroom and one bathroom units. The sales area on the first floor comprises a total of 2340 square meters, which are currently being marketed for rent. 30 Clinton also features a beautifully landscaped, fully furnished, rooftop elevator with views of downtown Newark, including the Prudential Center and the new Mulberry Commons Park.
Clinton Flats residents enjoy features like high ceilings, hardwood floors, ceramic tile, designer kitchens with stainless steel appliances and Caesarstone countertops, and all-in-one washers / dryers. On-site amenities include a fitness center, lounge, tenant store, state-of-the-art video surveillance and intercom system, and secure access to the building.
The Clinton Flats is ideally located in the Downtown Newark business district and close to the city’s major cultural, entertainment and dining venues including the Prudential Center, New Jersey Performing Arts Center, Newark Museum of Arts and the Newark Symphony Hall. Residents can walk to Newark Penn Station for an express train to New York City, and Newark Liberty International Airport is just a short drive away. Commuters to Manhattan and other business centers across the Three State Territory have easy access to major highways such as I-78, I-280, the New Jersey Turnpike, and Routes 1 and 9.
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