Formerly Distressed Park Avenue Building Restored to Historic Roots
PATERSON, N.J., – February 23, 2015 – (RealEstateRama) — Novus Equities, LLC, was recently named the recipient of the Historic Commercial Building Stewardship Award, awarded annually by the Paterson Historic Preservation Commission. The Jersey City, N.J.-based company, which has been active throughout city for more than 15 years, was acknowledged for restoring a turn-of-the-century building located at 38-40 Park Ave., in the city’s Sandy Hill neighborhood.
Reminiscent of the picturesque Italianate architectural movement, the two-story property’s distinct features included a hand plastered curved ceiling and skylights. Novus Equities had just completed a supermarket restoration across the street when company Principal Scott Seale was offered a tour by the owner of 38-40 Park Ave. at the time.
“I was immediately able to see beyond the boarded-up windows, dirt build-up on the skylight, and pigeons flying everywhere, to appreciate the rich history associated with a building such as this,” said Seale, who noted Italianate can be traced back to England and spreading to the United States in the 1830s. American architects eventually transformed the architectural style, retaining only the slightest hints of its original elements. “The City of Paterson boasts some of the finest architecture in the state and we were committed to returning this property to its original use.”
Prior to falling into a state of disrepair, the building had once served as a social gathering place for the city’s Italian immigrants. Located in the 5th Ward, 38-40 Park Ave. now serves a growing Dominican-American population at the second-floor social club, Ranchete. A small cargo shipping company, and martial arts studio occupy the two ground-floor retail units.
“Despite the passage of time, the social club remains a focal point of this neighborhood, carrying on the tradition started more than a century ago,” added Seale. “Whenever possible, it is our philosophy to preserve a building, its history and what is has to offer for future generations, simply because it is the right thing to do.”
Novus Equities’ Roots Traced to Paterson and Other NJ Cities
Established in 1997, Novus Equities and its principals, Seale and Steven Hess, have had a long-term association with the City of Paterson. In addition to the redevelopment of 38-40 and the adjacent 33-43 Park Ave. mixed-use project, which included renovation of a supermarket, retail stores, apartments and a transit-oriented parking lot just one block from downtown, the company has been involved in the renovation/new construction of more than 150 workforce and market-rate housing units in Paterson. These properties are located citywide on Summer Street, Rosa Park Boulevard, 16th Avenue and Fair Street.
“Novus Equities is drawn to urban-core cities and the challenge associated with repurposing outdated, underutilized properties,” said Seale. “Through smart development, we can preserve the character of a neighborhood, and the ties its residents have to it.”
In addition, Novus Equities has been involved in the development, construction, management, and/or renovation of market-rate and workforce housing units, as well as artist live/work and mixed-use properties, throughout Passaic, Newark, Orange, Elizabeth, Jersey City, West New York and Irvington.
The company also recently acquired 40-50 Union Avenue Medical/Professional Office Campus in Irvington, off Garden State Parkway Exit 143A, near University Hospital, Beth Israel Medical Center and East Orange General Hospital. In just a short time, the 72,000-square-foot two-building campus has undergone extensive renovations, and emerged as the region’s urban health hub for private practitioners, hospital-affiliated specialty groups and affiliated health services.
For almost three decades, Novus Equities has been revitalizing neighborhoods and business districts. Through its urban planning, development, leasing and property management initiatives, the privately held Jersey City-based company has repositioned numerous underperforming properties to enhance city landscapes across Northern New Jersey.
CMM Strategic Communications
189 Berdan Avenue, #282
Wayne, NJ 07470