M id A tlantic Real Estate Journal — Northern New Jersey — March 19 - April 15, 2021 — 9B N orthern NJ
www.marej.com
Kearny Bank provides financing for East Rutherford, New Jersey luxury building Diversified Properties bolsters Tri-State area multifamily portfoliowith completion of 480 Flatz
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successfully unlock value from the site. Working closely with East Rutherford’s municipal leadership and the owner of the property, Diversified Properties envisioned a new, creative adaptive reuse for the site. Their deep understand- ing of complex real estate financing and development projects enabled the company to craft a plan that would enable the bank to exit the property while developing the ideal conditions for Diversified Properties and North Jersey Builders Group to execute their value-add project at the well-located site.
“At the core, we are build- ers,” said Nicholas Minoia , founder and managing princi- pal of Diversified Properties. “Our foundational under- standing of the construction process paired with decades of value-add expertise not only provide us with the vision to see opportunity where many others might not, but the capa- bilities and efficiency needed to realize it. We look forward to continuing to leverage our value-add experience to bring dynamic, in-demand spaces like 480 Flatz to life in com- munities across the Northeast in the years to come.” MAREJ
AST RUTHERFORD, NJ — Diversi f ied Properties , and joint venture partner, North Jer- sey Builders Group , an- nounce the completion of 480 Flatz, a four-story, 35-unit luxury multifamily building located at 480 Paterson Ave. in East Rutherford. Financing for the project has been provided by Kearny Bank . Located between Rtes. 3, 17 and 21 just a short ride from the MetLife Sports Complex and New York City, 480 Flatz brings a unique luxury liv- ing experience to the heart of Bergen County. Among the first luxury multifamily buildings to be completed in downtown East Rutherford, 480 Flatz boasts a Walk Score of 77, categorizing its location as highly walkable due to its easy access to area amenities. Additionally, the community’s proximity to both the Ruth- erford and Wood Ridge NJ Transit stations with direct service to New York City pro- vide easy access to all that the New York City metropolitan area has to offer. Designed by Thomas J. Brennan Architects with engineering provided by MCB Engineering Associates and construction managed by Morris Construction Man- agement , Diversified Prop- erties’ affiliated construction management firm, each of 480 Flatz’s 35 one, two and three- bedroom units offers designer kitchens with granite counter- tops and stainless steel appli- ances as well as in-unit wash- ers and dryers. 480 Flatz’s modern and well-appointed residential units are coupled with a contemporary exterior design as well as convenient, ample onsite surface parking and elevator service. The completion of the luxury multifamily building marks the latest successful chapter in Diversified Properties’ deep history of bringing challenging and complex value-add proj- ects to life. Prior to Diversified Properties’ acquisition, 480 Paterson Ave. was a vacant, half-acre bank-owned parcel with little hopes of future development. However, the firm’s unparalleled experience in revitalizing distressed as- sets paired with its executive team’s creativity, ingenuity and problem-solving abilities provided the tools necessary to
480 Flatz WAREHOUSE SPACE FOR LEASE 17,000 SF | EWING, NJ
1005 WHITEHEAD ROAD EXT. EWING, NJ WITH 3,000 SF OFFICE 5 TAILGATES • 1 OVERSIZED DRIVE IN CEILING HEIGHT 24’ CLEAR • COMCAST & VERIZON AMPLE PARKING • EXCELLENT LOCATION • EXTREMELY CLEAN
MIKE COVIELLO | 201-488-4000 | mike@sorce.com ERIC BARON | 609-883-7900 | eric@sorce.com Our Properties Can Be Viewed On Costar & Loopnet
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