The $20 million dollar South Market Street Loft project in Passaic, NJ, will convert an old warehouse into 63 lofts, designed with 20-foot ceilings and expansive windows, and will be targeted towards millennials and creative professionals. The amenities in this riverfront development will include a full-service lobby attendant, fitness center, and large roof terrace. Residents will also be able to take advantage of a new public riverwalk, as well as the to-be-determined business that will occupy the river-facing commercial space.
In 2014, Noam Newman, founder of Venture Equity Partners, bought a controlling interest in the historic building, and spent the next three years developing a vision for the project. While the approval of the City Council of Passaic has been obtained for the project, there were a series of land entitlement challenges Newman faced during this process. Some of these included increasing parking count, the construction of a parking deck in close proximity to the river, the residential and live/work uses, and addressing environmental compliance.
Newman, with the help of Matt Weilheimer and Justin Lupo of the real estate brokerage firm Kislak Realty, sold the project to Steven Gelbtuch of Stonegate Buildings who is now developing the site. Gelbtuch was attracted to the project because of the thriving town of Wallington, just across the river from Passaic. The project is targeted for completion in 2019.
