468 Totowa Ave

Investment Overview

The subject property is located in Paterson's historic First Ward, with plans approved by the city of Paterson to redevelop the asset into a 126-unit mixed-use building. The property is an existing 108,000 square foot mill building on a 200' by 215' lot. Plans include a 42,756 SF buildable extension, including 6,700 sf of retail space and 138 parking spaces. The plans include the removal of single story structures to make expand the parking area. The building's prior use is industrial, allowing potential conversion/rehabilitation to industrial warehousing for tenants.

Investment Highlights

• The property presents a fantastic opportunity for a developer to invest in one of Paterson’s most historic and revitalized neighborhoods.
• Plans approved by the city of Paterson for the redevelopment and conversion to a 127-unit mixed-use building.
• The site is located within a Qualified Opportunity Zone, giving investors the ability to defer capital gains.
• Very favorable 30-year Garden State Growth Zone PILOT fully negotiated
• Financial funding may be eligible from the New Jersey Housing and Mortgage Finance Agency, Historic Tax Credits, Low Income Housing Tax Credits, New Jersey Economic Development Authority and Aspire Tax Credits
• The surrounding neighborhood includes a revitalized Hinchliffe Stadium, which was reopened in 2023 and is now home to the New York Cosmos, an American professional soccer club, the Great Falls – a historic landmark that helped power the American Industrial Revolution and Westside Park, which is a 26-acre historic park which will re-open in Spring 2026.
• Walking distance to NY express bus line.