A 118-unit multifamily high-rise in the Eastside Park Historic District of Paterson, New Jersey, was recently sold for $22.75 million.
The nine-story property, known as Broadway Towers, is located at 595-609 Broadway at the corner of E. 27th Street. The mid-century vintage building is a residential anchor for the high-population-density corridor and has been frequently updated.
Broadway Towers contains a mix of one- and two-bedroom open-concept floor plans with on-premises amenities including laundry facilities, elevators, on-site parking, and controlled access. Situated in the Eastside neighborhood, Broadway Towers is close to various transit options, such as the NJ Transit bus service along Broadway, Paterson Station and rail service along the Main/Bergen County, and Port Jervis Lines. The property also offers highway connectivity as the area is served by the I-80; U.S. Route 46 and 202; and NJ Routes 19, 20, 23 and 208.
The transaction was handled by Gebroe-Hammer Associates Senior Vice President Debbie Pomerantz, who is a northeast New Jersey market specialist. Pomerantz exclusively represented the seller, 599 Broadway Management LLC, and procured the buyer, 599 BWY LLC.
“Paterson is following in the revitalization footsteps of its sister cities of Newark and Jersey City, which are serving as national models for successful urban renewal,” said Pomerantz. “As an urban infill locale with an abundance of retail corridors and commercial and industrial parks, Paterson’s renaissance is rooted in a unique modern identity that reflects its diverse constituent neighborhoods and rich history.”