466-480 Totowa Avenue
Land
Marketing description
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 127-unit mixed-use building. The property is an existing ~91,000 square foot mill building on a 200’ wide by 215’ lot. Plans include a ~42,765 sf buildable extension, including 7,000 sf of retail space and 138 parking spaces. 468 Totowa Avenue is just steps from major cultural and recreational landmarks including Hinchliffe Stadium, Paterson Great Falls National Historical Park, and the newly completed Vista Park. The property also sits minutes from Westside Park and the historic Great Falls mill district, placing it at the center of one of the city’s most significant redevelopment corridors.
Investment highlights
IPRG has been retained on an exclusive basis to arrange the sale of 466-480 Totowa Ave, located in the Great Falls neighborhood of Paterson, New Jersey.
• 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.
• 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.
• Qualifies for 30-year Garden State Growth Zone PILOT
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