Diversified Properties and joint venture partner North Jersey Builders Group announced on July 7 that 480 Flatz, a four-story, 35-unit luxury multifamily building located at 480 Paterson Ave. in East Rutherford, reached 100 percent lease-up.
Welcoming its first residents in March, 480 Flatz has seen consistent interest from residents looking for a new, modern living space in a walkable and convenient location.
Prior to the construction of 480 Flatz, 480 Paterson Ave. was a long-vacant parcel of land along one of East Rutherford’s main business corridors. Conveniently located between Routes 3, 17 and 21, and just a short ride from the Meadowlands Sports Complex featuring MetLife Stadium and the American Dream mega-mall, the property’s location and regional accessibility made it an ideal candidate for an ambitious repositioning.
Leveraging substantial experience in driving value from similar sites, the executive leadership team at Diversified Properties, along with its project partner North Jersey Builders Group, sought to reimagine the site as a luxury multifamily building to tap into the robust demand in the New York City metro area.
“An endless focus on creating value through creative and visionary real estate investment powers all that we do,” said Nicholas Minoia, founder and managing principal of Diversified Properties. “At the heart of this time-tested ability to drive value from real estate investment lies our deep experience paired with our full suite of in-house construction, leasing and property management capabilities. Each of these components were on full display in the success of our 480 Flatz project and we look forward to pursuing similar value-creation opportunities that are in the pipeline over the months to come.”
Each of 480 Flatz’s 35 one-, two- and three-bedroom units feature designer kitchens outfitted with granite countertops and stainless-steel appliances as well as in-unit washers and dryers.
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, 480 Flatz’s residential units are complemented by a contemporary exterior design as well as convenient, ample onsite surface parking and elevator service.