Diversified Properties announced Wednesday that 480 Flatz, a four-story, 35-unit luxury multifamily building in East Rutherford, is fully leased.
The quick ramp up — leasing began in March — shows the need for multifamily still is strong. Prior to the construction, 480 Paterson Ave. was a long-vacant parcel of land along one of East Rutherford’s main business corridors.
Diversified Properties, along with its project partner North Jersey Builders Group, sought to reimagine the site as a luxury multifamily building to tap into the robust demand in the New York City metro area. The building is located between routes 3, 17, and 21 and just a short ride from the Meadowlands Sports Complex featuring MetLife Stadium and the American Dream megamall.
Nicholas Minoia, founder and managing principal of Diversified Properties, said each of 480 Flatz’s 35 one-, two- and three-bedroom units features designer kitchens outfitted with granite countertops and stainless-steel appliances as well as in-unit washers and dryers.
“An endless focus on creating value through creative and visionary real estate investment powers all that we do,” Minoia said. “At the heart of this time-tested ability to drive value from real estate investment lies our deep experience, paired with our full suite of in-house construction, leasing and property management capabilities.
“Each of these components were on full display in the success of our 480 Flatz project, and we look forward to pursuing similar value-creation opportunities that are in the pipeline over the months to come.”
