THE INVESTMENT THESIS

300 Main Street offers something increasingly difficult to find in the New York metropolitan region:

substantial existing building area at an urban basis with multiple potential exit strategies.

Rather than depending on a single redevelopment concept, the property’s size, configuration and location allow investors to pursue a number of different business plans.

A purchaser could potentially acquire the building, establish commercial tenants, and then systematically reposition the property as market conditions and approvals dictate.

This flexibility significantly broadens the potential investor universe.

The opportunity may appeal to:

• Mixed-use developers
• Multifamily developers
• Opportunity Zone investors
• Family offices
• Private real estate investment companies
• Urban redevelopment specialists
• Adaptive reuse developers
• Retail investors
• Owner-users
• Medical operators
• Educational institutions
• Nonprofit organizations
• Religious organizations
• Self-storage or specialty storage operators
• Creative office users
• Government contractors
• Community service organizations

The building’s existing vertical configuration also creates the potential to treat individual floors as separate investment components.

For example, a purchaser could potentially retain active commercial or retail uses on the lower floors while repositioning the upper floors for alternative uses, subject to zoning, building code, life-safety, parking and municipal approvals.

POTENTIAL REDEVELOPMENT STRATEGIES

STRATEGY 1

MIXED-USE RETAIL + RESIDENTIAL CONVERSION

One of the most compelling long-term concepts would be an urban mixed-use redevelopment maintaining commercial activity along Main Street while evaluating the upper floors for residential conversion.

A conceptual program could potentially include:

Ground Floor
Retail, restaurant, grocery, pharmacy, showroom, service retail or other active commercial uses.

Second Floor
Commercial, medical, office, community facility, fitness, education or flexible commercial space.

Upper Floors
Potential residential apartments, subject to zoning and governmental approvals.

The existing approximately 13,545-square-foot floor plates could potentially support multiple residential units per floor depending upon building depth, window configuration, egress, mechanical systems and code requirements.

No residential unit count should be represented without architectural and zoning analysis.

STRATEGY 2

PHASED ADAPTIVE REUSE

Rather than redeveloping the entire 81,268 square feet simultaneously, an investor could potentially undertake a phased renovation.

The leasing in phases could provide interim revenue from portions of the building while another floor is being designed, permitted and renovated.

This phased approach may allow an investor to:

• Reduce initial capital requirements
• Maintain interim cash flow
• Respond to market demand
• Sequence construction
• Avoid unnecessarily disrupting occupied space
• Test new uses before committing to a full redevelopment
• Preserve flexibility during the entitlement process

STRATEGY 3

OWNER-USER HEADQUARTERS

The building may also appeal to a large owner-user seeking a downtown headquarters, showroom, distribution operation, educational facility or institutional campus.

Few properties in Downtown Paterson combine:

• More than 80,000 SF
• Main Street exposure
• Loading
• Drive-in access
• Freight elevator capability
• Multiple floors
• Regional transportation access

A user could potentially occupy a portion of the building while leasing unused space to third-party tenants.

STRATEGY 4

COMMERCIAL / CREATIVE / FLEX REPOSITIONING

The building’s floor plates and freight infrastructure may be suitable for a combination of:

• Creative office
• Studios
• Showrooms
• Light assembly
• E-commerce
• Storage
• Medical uses
• Educational uses
• Community facilities
• Professional services
• Small-business incubator space

A multi-tenant configuration could potentially transform the asset into a diversified downtown commercial investment.

DOWNTOWN PATERSON

Paterson is one of New Jersey’s largest and most densely populated urban centers.

According to the U.S. Census Bureau, Paterson’s population was estimated at approximately 161,793 residents as of July 1, 2025, representing approximately 1.3% growth from the April 2020 population base.

The city’s 2020 population density exceeded 18,900 residents per square mile, highlighting the unusually concentrated customer and labor base surrounding Downtown Paterson.

Paterson contained approximately 49,865 households during the 2020-2024 Census measurement period, with an average household size of approximately 3.15 persons.

Approximately 27.7% of Paterson residents are under the age of 18, supporting a comparatively young consumer base.

The city also has a highly international population, with approximately 44.6% of residents foreign-born and approximately 67.3% of residents speaking a language other than English at home.

This diversity contributes to Downtown Paterson’s active retail streets, food businesses, service establishments and entrepreneurial economy.

PATERSON DEMOGRAPHIC SNAPSHOT

Population

161,793

2025 U.S. Census Bureau estimate

Population Growth

+1.3%

April 2020 estimate base through July 2025

Population Density

18,986 Residents / Square Mile

2020 Census

Households

49,865

2020-2024 estimate

Average Household Size

3.15 Persons

Median Household Income

$55,997

2020-2024, in 2024 dollars

Median Gross Rent

$1,548 / Month

2020-2024

Labor Force Participation

63.6%

Population age 16+

Foreign-Born Population

44.6%

Language Other Than English Spoken at Home

67.3%

Retail Sales

Approximately $1.56 Billion

2022 Census business data

Accommodation & Food Service Sales

Approximately $210 Million

2022 Census business data

Healthcare & Social Assistance Revenue

Approximately $1.37 Billion

2022 Census business data

These figures demonstrate the scale of the population and commercial activity located within Paterson itself before accounting for surrounding Passaic and Bergen County communities.

WHY DOWNTOWN PATERSON?

DENSE POPULATION

Few redevelopment markets in Northern New Jersey combine Paterson’s population density with comparatively attainable urban real estate.

Density supports:

• Retail
• Restaurants
• Apartments
• Medical uses
• Service businesses
• Education
• Community facilities
• Public transportation
• Employment centers

For developers, this creates a substantial built-in population surrounding the property.

STRATEGIC NORTHERN NEW JERSEY LOCATION

Paterson sits within Northern New Jersey’s densely developed metropolitan corridor, providing access to:

• Bergen County
• Passaic County
• Essex County
• Hudson County
• New York City
• Meadowlands
• Newark
• Secaucus
• Route 80
• Route 19
• Garden State Parkway
• Route 46

The city’s regional accessibility creates an opportunity to draw residents, employees and customers from well beyond municipal boundaries.

TRANSIT-ORIENTED LOCATION

NJ TRANSIT operates rail service from Paterson Station, located at Market and Ward Streets in Downtown Paterson.

The station includes substantial municipal parking and connects Paterson to NJ TRANSIT’s regional rail network.

Passengers traveling toward New York can connect through Secaucus Junction, providing access to New York Penn Station and other regional destinations.

Downtown Paterson is also served by numerous NJ TRANSIT bus routes and the Broadway Bus Terminal.

For a potential residential or mixed-use redevelopment, this transportation network is an important long-term competitive advantage.

NEW YORK METROPOLITAN ACCESS

300 Main Street benefits from Paterson’s location within the broader New York metropolitan economy.

Rather than functioning solely as a local Paterson asset, the property occupies a location connected to one of the largest employment and consumer markets in the United States.

The combination of:

• Highway connectivity
• NJ TRANSIT rail service
• Bus transportation
• Dense surrounding population
• New York metropolitan proximity

supports the property’s long-term redevelopment story.