A historic loft building has sold in Paterson, with plans potentially in the works for a redevelopment of the former industrial property, according to real estate firm NAI James E. Hanson.
NAI Hanson and Van Houten Group have negotiated the sale of 468 Totowa Ave., a four-story, 108,000-square-foot former Miesch Silk Co. property. NAI Hanson’s Michael G. Walters and Cameron Silverstein and Van Houten Group’s Richard Van Houten represented the seller, 468 Totowa Ave. Inc., in the deal with 100 Mile Renard Totowa LLC.
Financial terms of the transaction were not disclosed.
The property is adjacent to Hinchliffe Stadium, recently announced as the centerpiece of a $70 million redevelopment project, as well as other Paterson landmarks.
Procida Funding and Asset Realty & Construction are the companies behind the purchase, but their plan for the property has yet to be announced. NAI Hanson said there is a possibility of a redevelopment to restore the site’s historic structures.
“As we sought to market 468 Totowa Ave., we knew we were not just selling a building, but a vision of what Paterson could be,” Walters said in a prepared statement. “Through the continued vision and leadership of Mayor (Andre) Sayegh’s administration, we are confident that Paterson’s best days lay ahead. We are honored to have a hand in helping to bring another tangible and transformative redevelopment project to the city, and look forward to being a part of its continued process.”