NEWARK, NJ - Newark Mayor Ras Baraka was aware that a new $8 million luxury apartment complex along Broad Street may attract newcomers. To him, it’s the type of residential diversity the city needs.

Paramount Assets, the developer of the project, celebrated the grand opening of 37 luxury rentals at 869 Broad St. on Monday with city officials. The development has been dubbed William Flats since it located on the corner of William Street, just across from the Prudential Center.

William Flats sits along one of Newark’s main thoroughfares in a neighborhood that couldn’t be more representative of a city in flux. The four-story building is surrounded by wig shops and a pawn broker, yet within walking distance of the New Jersey Performing Arts Center and gleaming redevelopment.

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This new development comes at a time when Newark is ushering in both luxury high-rises, like One Theater Square, while also working on a massive redevelopment plan for dilapidated two and three-family homes in the city’s West Ward. That dichotomy was not lost upon Baraka during the press event.

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“A lot of folks that have been here for a minute are beginning to understand it's time for them to stick a stake in the ground and claim what they have,” Baraka said at the project’s ribbon-cutting ceremony. “People are coming into the city as well, and it's creating a kind of diversity -- and a mountain of different folks and people and development in the city -- that you haven't seen in a very, very long time.

“...This is the kind of diversity we want. It's the kind of the boon and push that we've been looking for -- for a very, very long time.”

Paramount Assets received a 15-year tax abatement from the city for the project, said the company’s vice president, Richard Dunn. City and development officials said they were not immediately sure how much the abatement was worth.





The development company has completed other projects throughout the city this year, including one at 2 Ferry St.

Paramount Assets has also bought up several other properties in Newark, including the site of the former Little Theatre. The company is currently headquartered in Elizabeth, but will be moving to 45 Academy St. this winter.

“We have actually fell in love with Newark because of all the great things happening here,” Dunn said. “We will continue being a staple in this great city."

The site of the project was once home to the United Women's Garment Workers' union. Paramount Assets received approval from the city Preservation and Landmark’s Committee for the project, and kept some original features, like the building's facade.

A 7-Eleven and Santander Bank leased out retail space on the ground level of William Flats. There is still room for an additional business on the ground floor.

A studio apartment in the complex starts at $1,550 a month, according to Zillow.com. A one-bedroom goes for about $1,900, while a two-bedroom unit costs about $2,300 a month. About half the units have been rented, according to Paramount Assets officials.

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