Northvale Mayor Patrick J. Marana, Procida Funding, ConnectOne Bank, Alvin Sarter of Northvale Greens LLC, and Ray Reduce Development, together with Coldwell Banker are celebrating the official opening of the final section of Paris Square in Northvale, NJ, an active 55+ adult community in Bergen County, with a ribbon cutting on July 18th at 11 a.m. The total project contains 111 condominium units consisting of both townhouses and condominium apartments. The first section of 45 apartments and 20 townhouses have sold out, the final section of Paris Square adds 46 single floor luxury condominiums spread across three separate elevator buildings, each with indoor parking. The first building of 14 apartments sold out quickly, and to date more than 40% of the new section has been sold and will soon be closing.
“This is exactly what Procida Funding does – we stay local by investing in our backyard and we were successful on this project because we put together a local dream-team who we knew would do a phenomenal job,” said Billy Procida, CEO of Procida Funding and Advisors. “Our entire development team has decades of experience working in this area so by combining all that local experience we were able to get this over the finish line.”
“ConnectOne Bank is proud to be the funding partner of the Paris Square Luxury Condo Project. This initiative is a prime example of local leaders coming together and collaborating to deliver custom solutions, ultimately driving value for our communities, said Mark Zurlini, Executive Vice President, and Chief Lending Officer at ConnectOne Bank. “Procida Funding’s strategic advisory provided the vision and leadership to align the key stakeholders and bring this project to fruition.”
Procida Funding’s $14.5 million construction loan to Northvale Greens led to the completion of the final section consisting of three buildings, the third and final section of Paris Square will offer 46 units and are priced in the low $400,000’s to the high $600,000s.
“When you have a project that is infamous for being stalled you know the single most important thing is to finish and with current market conditions, I knew I needed a partner who was as determined as me to do just that and that’s why I went with Procida,” said Alvin Sarter, Managing Member of Northvale Greens LLC, and the developer of the project. “I am very happy to have authored the final chapter of this story and I couldn’t have done it without the support of my Procida family and the entire Paris Square development team”.
The condos come in one, two, and three-bedroom floorplans with each featuring nine-foot ceilings, gourmet kitchens, wide plank wood flooring, in-unit washer dryers, security intercoms, and indoor parking spaces.
“Value at Paris Square abounds with quality construction by Ray Reduce Development and amenities not seen in this price point,” stated Sarter.
In the amenity rich community for active 55+ adults, owners at Paris Square enjoy an in-ground heated pool, fitness center, a stadium-style theater, a clubhouse with a fireplace and billiards rooms. Also on premises is a spectacular park with a walking path and putting green. Paris Square is also right across the street to the 27-hole Rockleigh Golf Course with easy access to shopping and restaurants.
“Great teams make great projects, and the success of Paris Square can be attributed to the fact that everyone involved pulled their weight,” said Ray Reduce CEO of Ray Reduce Development. “Our job was to bring Alvin’s vision to life and with Procida involved we knew we had the support needed to get this done.”
Anne Van Dyke of Coldwell Banker Global Luxury is the listing agent for Paris Square’s new availabilities. Visit www.AnneVanDyke.net for more information.
Who: Northvale Mayor Patrick J. Marana and other Borough Officials, Procida Funding, ConnectOne Bank, Ray Reduce Development, Anne Van Dyke and the Coldwell Banker Team, and Alvin Sarter of Northvale Greens LLC
What: Ribbon Cutting of Paris Square final phase of 55+ adult luxury condos, 46 total units
When: Monday, July 18, 2022 – 11AM-1PM
Where: 199 Paris Ave, Northvale, NJ 07647
Visuals/Opportunities: Ribbon Cutting, interviews with Mayor, Development Team, Unit Tour