Paramount Assets Celebrates Grand Opening of Clinton Flats in Newark
Ribbon cutting marks completion of adaptive reuse project and rental milestone
May 10, 2021
A formal groundbreaking ceremony marked the grand opening of Clinton Flats, Paramount Assets’ latest mixed-use redevelopment in the historic Four Corners district of Newark. Located at 30/40 Clinton Street at the corner of Mulberry Street, the 47-unit multi-use multi-family complex has preserved and transformed two aging but historically significant office buildings. The project has generated a lot of interest, with the property already 50% leased.
Members of the Paramount Assets team joined local dignitaries at the ceremony. Here (left): Maurice Levy, COO, Paramount Assets; Solomon Levy, President, Paramount Assets; LaMonica McIver, Newark Central Ward Council Member; and Richard Dunn, Senior Vice President, Paramount Assets.
“The central district is booming and the mayor and I are thrilled with it,” McIver said. “Today is another step on the chessboard for us as we cut the ribbon from this incredible development, adding to the great portfolio of the City of Newark and, of course, under Paramount Assets.
“These adaptive reuse preservation projects provide a unique living experience in the heart of bustling downtown Newark,” said Richard Dunn, senior vice president of Paramount Assets. “Paramount Assets is proud to offer another exceptional opportunity to live in a building of special historical significance so beautifully preserved. We are particularly proud of our expertise and experience in this field, and the opportunity to preserve the beauty and character of these buildings, while contributing to the revitalization of this great city.
The 30 and 40 Clintons are included in the National Register of Historic Places. Built in 1914, 40 Clinton is an eight-story, 27,350 square foot Gothic-influenced building with a fully restored architecturally distinctive exterior. Many of the original features of the building have been preserved, including the decorative lobby, the original letterbox system, and the copper windows. Formerly known as the Eclipse Building, it housed Seton Hall’s first law school. The new adaptive reuse includes 26 one-bedroom apartments and one two-bedroom apartment. The US post office occupies a total of 2,602 square feet on the ground floor.
The 20,250 square foot property at 30 Clinton, formerly known as the Baldwin Building, was built in 1910 and originally housed the offices of Newark’s Board of Education and Teacher’s Union Benefits. The five-story residential space, totaling 17,900 square feet, includes a mix of 20 studios and one-bedroom and one-bath units. The retail space on the first floor comprises a total of 2,340 square feet, which is currently marketed for lease. 30 Clinton also has a beautifully landscaped and fully furnished rooftop terrace with elevator access and views of downtown Newark, including the Prudential Center and the new Mulberry Commons Park.
Residents of Clinton Flats appreciate features such as high ceilings, hardwood floors, ceramic tile, designer kitchens with stainless steel appliances and Caesarstone counters, and all-in-one washers / dryers. . On-site facilities include a fitness center, lounge, tenant storage, state-of-the-art video surveillance and intercom system, and secure building access.
Conveniently located in the downtown Newark business district, Clinton Flats offers proximity to the city’s major cultural, entertainment and dining destinations, including the Prudential Center, New Jersey Performing Arts Center, Newark Museum of Arts and the Newark Symphony Hall. Residents can walk to Newark Penn Station, which offers express train service to New York City, and Newark Liberty International Airport is a short drive away. Commuters to Manhattan and other business centers in the tri-state area enjoy easy access to major freeways, including I-78, I-280, New Jersey Toll Freeway, and highways 1 and 9.
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