Diversified Properties and joint venture partner, North Jersey Builders Group, on Feb. 23 announced the completion of 480 Flatz, a four-story, 35-unit luxury multifamily building located at 480 Paterson Avenue in East Rutherford. Financing for the project has been provided by Kearny Bank.
Slated for occupancy beginning March, 480 Flatz brings luxury living to the heart of Bergen County. It is conveniently located between Routes 3, 17 and 21 and is just a short ride from the MetLife Sports Complex as well as New York City. The building is among the first multifamily residences to be completed in downtown East Rutherford boasting a Walk Score of 77, which is desirable as it is easily accessible to area amenities. Additionally, the community’s proximity to both the Rutherford and Wood Ridge NJ Transit stations with direct service to New York City provide 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 Management, Diversified Properties’ affiliated construction management firm, each of 480 Flatz’s 35 one, two and three-bedroom units offers designer kitchens with granite countertops and stainless steel appliances as well as in-unit washers 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 projects to life. Prior to Diversified Properties’ acquisition, 480 Paterson Avenue was a vacant, half-acre bank-owned parcel with little hopes of future development. However, the firm’s unparalleled experience in revitalizing distressed assets paired with its executive team’s creativity, ingenuity and problem-solving abilities provided the tools necessary to successfully unlock value from the site.
“At the core, we are builders,” said Nicholas Minoia, founder and managing principal of Diversified Properties. “Our foundational understanding 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 capabilities 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 communities across the Northeast in the years to come.”