PATERSON, NJ-NAI James E. Hanson is marketing a rare piece of well-located raw land here, a 36,926-square-foot tract at 164 Grand Street, for an asking price of $350,000. Available immediately, the plot of land is near the International High School and Stanley M. Levine Reservoir, not far from Downtown Paterson in Passaic County.

It is zoned for light industrial use. A 1.45-acre tract, zoned for multifamily, on Ryle Road in Paterson’s Great Falls Historic District is asking $799,000, according to a LoopNet listing. “You’re always going to find raw land, but Paterson is tricky with the weather. Some areas have flooding issues. Some have crime issues. Some have both,” says NAI Hanson sales associate Louis Tapia, who is marketing the land on behalf of the owners, the Stampato Family. He is now negotiating with potential buyers. “This is a nice quiet area – there isn’t an immediate residential or retail factor, so there’s not a lot of foot traffic. It’s really quiet versus other parts of the city. That makes it attractive.”

The family has owned the land for 10 years, and originally intended to develop a recycling facility, even getting approvals. When their plans changed, they put the plot on the market, Tapia explains. Basic utilities are on the site, but additional investment monies will be needed for curb cuts and other features.