NEWARK, NJ - The site of the historic Little Theatre has been bought by a management and development company that’s gaining a presence in the city.
Paramount Assets about two weeks ago bought the property that includes the four-story office building adjacent to the theater and the former Broad Street Cafe, the company announced. The company is still considering what to do with the property.
“It’s exciting because we have two great structures to work with and, ultimately, a lot of possibilities ranging from historic preservation to converting the property into a mixed-use midrise tower,” said Paramount Assets Senior Vice President Richard Dunn in a statement.
“This downtown area is the economic engine of the City; it’s where people want to be. The goal in transforming this property is to bring more life and more people to this area which has long-term, sustainable benefits for Newark.”
Terms of the purchase were not disclosed, and a company spokeswoman declined to offer details. The property listed at 560 Broad St. was bought for $2,349,000 by Berger Crescent LLC in 2016, records show. Online records for Paramount Assets’ purchase were not listed yet.
While currently based in Elizabeth, Paramount Assets plans to move its headquarters to Newark soon, a company spokeswoman said.
The company also working on a luxury multi-family rental development known as William Flats at 869 Broad St. That property is the site of the former United Women’s Garment Workers’ Union headquarters.
Paramount Assets also redeveloped 2 Ferry St., which is now home to a Blink Fitness Gym.
The Little Theatre bears a sign that says its doors closed on June 25. The theater played adult films and opened in the 1920s.
“We regret to say that the new ownership will not allow us to remain open,” the sign red behind a metal gate. “It’s been a heck of a ride, we wish you well and thank you all.”
The Broad Street Cafe is currently closed and the office building is vacant.