Paramount Assets held its official ribbon cutting for Clinton Flats — a 47-unit multifamily, mixed-used project in the Central Ward of Newark — last Thursday. Excitement around the adaptive reuse project has been evident long before the ceremony.
The project already is 50% leased, the company said.
Paramount officials said Clinton Flats is more than just another multifamily rental. The project, which preserves and transforms two aging, yet historically significant office buildings at 30 and 40 Clinton St. on the corner of Mulberry Street, represents the company’s greater interest in the city.
A family-owned urban real estate investment firm that aims to embrace a holistic, vertically integrated approach to real estate development, Paramount has been steadily expanding its Newark holdings since moving its headquarters to the city nearly two years ago — and seeking historically relevant locations while it does so.
Both Clinton Flats buildings are on the National Registry of Historic Places.
Senior Vice President Richard Dunn said the company is committed to the idea.
“These adaptive reuse preservation projects provide a unique living experience in the heart of Newark’s vibrant downtown,” he said. “Paramount Assets is proud to offer another exceptional opportunity to live in a building of special historic significance so beautifully preserved.
“We are especially proud of our expertise and experience in this area, and the opportunity to preserve the beauty and character of these buildings, while contributing to the revitalization of this great city.”
Here’s a look at the two properties:
- 40 Clinton: Constructed in 1914, it is an eight-story, 27,350-square-foot Gothic-influenced building with a fully restored architecturally distinctive exterior, Paramount officials said. Many of the building’s original features have been preserved, including the decorative lobby, original mailbox system and copper windows. Formerly known as the Eclipse Building, it was home to the original Seton Hall Law School. The new adaptive reuse includes 26 one-bedroom apartments and one two-bedroom apartment. The U.S. Post Office occupies a total of 2,602 square feet on the ground floor.
- 30 Clinton: Constructed in 1910, the 20,250-square-foot property, previously known as the Baldwin Building, originally housed Newark’s Board of Education and Teacher’s Union Benefits offices. Five stories of residential space, totaling 17,900 square feet, features a mix of 20 studio and one-bedroom, one-bathroom units. First-floor retail space includes a total of 2,340 square feet, which is currently being marketed for lease. 30 Clinton also boasts a beautifully landscaped, fully furnished rooftop terrace with elevator access and views of downtown Newark, including Prudential Center and the new Mulberry Commons Park.
Paramount said residents of Clinton Flats will enjoy features such as high ceilings, hardwood floors, ceramic tiles, designer kitchens with stainless steel appliances and Caesarstone countertops, and all-in-one washer/dryers. On-site amenities include a fitness center, lounge, tenant storage, state-of-the-art video surveillance and intercom system and secure building access.
Situated in Newark’s Downtown Commercial Business District, Clinton Flats offers proximity to the city’s cultural, entertainment and dining destinations, including the Prudential Center, the New Jersey Performing Arts Center, the Newark Museum of Arts and Newark Symphony Hall.
Residents can walk to Newark Penn Station.
Newark Central Ward Council Member LaMonica McIver said the project is a welcome addition to her area.
“The Central Ward is booming, and the Mayor (Ras Baraka) and I are excited about it,” she said. “(This) is another move on the chessboard for us as we cut the ribbon to this amazing development, adding to the great portfolio in the city of Newark, and, of course, under Paramount Assets.”