February 25, 2021
Developers wrap up work on luxury rental building in East Rutherford
A luxury multifamily building in East Rutherford has been completed, the developers announced this week.
The four-story, 35-unit 480 Flatz, at 480 Paterson Ave., is slated for occupancy March 1, according to joint venture partners Diversified Properties and North Jersey Builders Group.
“At the core, we are builders,” Nicholas Minoia, Montville-based Diversified’s founder and managing principal, said in a prepared statement. “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.”
The property, in the downtown section of East Rutherford, was designed by Thomas J. Brennan Architects, with MCB Engineering Associates providing engineering services and construction managed by Morris Construction Management, a Diversified affiliate. Kearny Bank provided financing.
Diversified noted its track record of working with challenging projects, explaining that, before the project, 480 Paterson Ave. was a vacant half-acre parcel owned by a bank and facing little hope of development.
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