Anthony Cassano represented the seller, Great Falls Realty LLC, and the buyer, Paterson-based JCM Investors, in the deal.
The Silk City Lofts, which is a converted former silk mill, features 48 condominium one- and two-bedroom units ranging in size from 717- square feet to 1,996 square feet. The property, located at 175 Broadway, also features a 9,500-square-foot ground floor commercial unit.
The adjacent development site, NAI Hanson said, was approved for 195 rental units and ground-level retail at 105 Fair St.
“The heightened interest in urban areas from both residents and investors has prompted many cities to attract significant development to their urban cores and help turn around areas that had fallen on hard times,” Cassano said. “We were honored to work with the buyer and seller in this transaction to attract tangible development to downtown Paterson and help begin the turnaround of one of New Jersey’s most historic cities.
“The complexity of this transaction necessitated the steady hand of our experienced team and we look forward to continuing to work with developers in cities across the state to help create unique development opportunities like this one.”