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Paramount Assets, LLC

| December 29, 2017 | 0 Comments

Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. The company’s rapidly expanding portfolio currently includes 2.5 million square feet of commercial, multifamily and mixed-use holdings involving 225 properties across 25 New Jersey municipalities – including a notably growing foothold in the City of Newark. Paramount Assets is recognized for its four-decade history of involvement in repurposing, reconstructing and renovating vacant downtown properties, working constructively and collaboratively with municipalities. The company maintains a holistic, vertically integrated approach to real estate development, with in-house acquisition, leasing, legal, accounting, property management and construction teams.

News Releases

Fact Sheet

FACTS 2018: Paramount Assets
142 Broad Street, Elizabeth, N.J. 07201
www.paramountassets.com

Media Contact: Karen Ravensbergen / (201) 796-7788 / karen@caryl.com

Overview

Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. The company’s rapidly expanding portfolio currently includes 2.5 million square feet of commercial, multifamily and mixed-use holdings involving 225 properties across 25 New Jersey municipalities – including a notably growing foothold in the City of Newark.

Paramount Assets is recognized for its involvement in repurposing, reconstructing and renovating vacant downtown properties. This includes historical buildings, which the firm modernizes with the functionality and amenities that today’s businesses and residents need, while preserving the structures’ original beauty and character. The company maintains a holistic, vertically integrated approach to real estate development, with in-house acquisition, leasing, legal, accounting, property management and construction teams.

History and Philosophy

Paramount Assets’ roots date back to 1978, when Solomon Levy purchased an abandoned mixed-use property in Far Rockaway, N.Y., which he successfully renovated and leased. For the following two decades, Solomon grew the company as a leader passionate about customer service and urban real estate. His sons, Ronnie and Maurice, joined the firm in 1996 and 2001, respectively, and have continued their father’s mission to help improve and revitalize the communities in which their clients work and live.

Working constructively and collaboratively with municipalities represents an important ingredient of Paramount Assets’ philosophy – one that fosters a unified approach to urban renewal and redevelopment. Together with its public partners, the firm has established a long track record of recycling overlooked real estate relics and ultimately repurposing them as assets that enhance their urban cityscapes. The company’s efforts are earning recognition. The Paterson Historic Preservation Commission, in 2016 and 2017, honored two Paramount Assets mixed-use projects – 42 Broadway and 199 Market Street – with its Stewardship Award for Outstanding Historic Rehabilitation of a Paterson Historical Commercial Building.

Current Project Highlights

Halston Flats, 127 Halsey St., Newark – Halston Flats is the adaptive reuse of a historic industrial building constructed at the turn of the 20th century on the banks of the former Morris Canal. The Four Corners Historic District property sits on the corner of Halsey St. and Raymond Blvd., in the heart of Newark’s CBD. The eco-friendly restoration includes 16 luxury one- and two-bedroom apartments, along with 4,000 square feet of street-level retail. Delivered: 1Q17

William Flats, 869 Broad St., Newark – Paramount Assets is transforming the former United Women’s Garment Workers Union headquarters building into 37 luxury apartments with 12,000 square feet of first-floor retail. This redevelopment project includes a four-story open-air courtyard core, a distinctive feature for an urban environment. The firm purchased the Four Corners Historic District property as a vacant office asset in 2015. Anticipated delivery: 3Q18

Ironbound Plaza, 2 Ferry St., Newark – This 18,000-square-foot retail asset represents an adaptive reuse of an underutilized historic property. Located adjacent to Newark Penn Station, the building’s triangular shape positions it as a Newark landmark.  Ironbound Plaza is fully pre-leased to Blink Fitness and 7-Eleven, and the project has been well-received by the City of Newark and the Newark Community Economic Development Corporation. Anticipated delivery: 1Q18

45 Academy St., Newark – Paramount Assets purchased this 38,000-square-foot Four Corners Historic District office property in 2017, and is fully renovating the building to serve as its new corporate headquarters. The firm’s 60-plus employees will occupy 12,000 square feet on the fourth and fifth floors at 45 Academy St., which sits on the corner of Halsey Street. Anticipated delivery: 2Q18

829 South Ave., Plainfield – This ground-up mixed-use development represents the adaptive reuse of a former lumber yard in Plainfield’s Netherwood Transit District. It will feature 72 residential units and 5,000 square feet of retail space, benefiting from a prime location proximate to mass transit and the city’s walkable downtown. Paramount Assets currently is seeking preliminary and final site plan approval. Anticipated groundbreaking: 3Q18

162-164 Main St., Paterson – The redevelopment of this four-story downtown historic building features 12 residential units and 4,000 square feet of retail space with a large portion pre-leased to M&T Bank. This significant Silk City property sits on the corner of Main and Van Houten streets. Anticipated delivery: 2Q18

For additional portfolio highlights, visit www.paramountassets.com.

Franchise / Corporate Tenant Services

Paramount Assets has developed a deep network of national and regional franchises, and has amassed a strong history of success in identifying suitable available space in New Jersey downtowns. Its Franchise Connect service helps match existing and potential franchisees with pre-approved franchise properties.

Executive Spokespeople

Ronnie Levy, Chief Executive Officer, provides the guidance and vision behind Paramount Assets’ continued evolution as a premier New Jersey real estate company specializing in urban downtown properties. He has more than 20 years of real estate management experience in many real estate disciplines, including asset management, finance and investment.

Maurice Levy, Chief Operating Officer, directs and administers the company’s leasing, operations and development activity. His resourcefulness, attentiveness to detail and innovative style have elevated Paramount Assets to a position of continued growth and expansion. Maurice has over 15 years of progressive real estate development, investment and property management experience.

Richard Dunn, Senior Vice President, is involved with all facets and disciplines of the company’s real estate operations. He also handles governmental and municipal relationships and compliance, and is involved in strategic planning, emergency management operations, and property acquisitions and dispositions. Rich has more than three decades of experience in residential and commercial property management.

Events

Website: www.paramountassets.com

Category: Paramount Assets

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