An industrial building in Passaic that was previously used by a chain of furniture stores could be adaptively reused as part of a proposed redevelopment project.
A company called Market Street TIC I, LLC is seeking to turn the former Ethan Allen furniture warehouse and office facility at 1 Market Street into apartments, The firm applied to the Passaic Planning Board for Preliminary and Final Site Plan approval with variances in order to rehabilitate the six-story building in order to “create a residential community consisting of 251 residential apartment units,” according to a legal notice. If approved, the proposed development would include 257 parking spaces, 209 of which would be situated inside the building.
The notice stated that the project was expected to be heard by the Passaic Planning Board on April 1, but the agenda for the virtual meeting on that date does not list this matter.
Ethan Allen announced last year that it would be ending its operations in Passaic. The closure of the facility caused 55 people to lose their jobs, according to The Record.
Property records indicate that the premises, which are situated across the Passaic River from Wallington in Bergen County, were sold by Ethan Allen in the fall of 2019 for $12.35 million. The new owner, Market Street TIC I & II & III, LLC, is registered out of the same building on West 34th Street in Midtown Manhattan as Sun Equity Partners.
