Pictured at Leadership Newark's 21st Anniversary Gala reception are from left to right: Maurice Levy, chief operating officer, Paramount Assets; Eric Pennington, business administrator, City of Newark; Kathy Ahearn-O'Brien, executive director, Hyacinth AIDS Foundation; Aisha Glover, president & CEO, Newark Alliance; Solomon Levy, chairman, Paramount Assets; Ronnie Levy, CEO, Paramount Assets and Calvin Ledford, regional public affairs director, PSEG. Photo Credit: Larry Long, Photos Unlimited

NEWARK, NJ—Family-owned real estate investment firm Paramount Assets was among those honored by non-profit Leadership Newark for its commitment to improving Newark and supporting the city's ongoing revitalization efforts.

Leadership Newark honored Paramount Assets and a host of others at the organization's 21^st anniversary gala held on April 30 at the Avenue A Club in Newark.

Others recognized at the gala were: Kathy Ahearn-O'Brien, executive director of Hyacinth AIDS Foundation; Aisha Glover, president and CEO of Newark Alliance; Calvin Ledford, regional public affairs manager of PSE&G and Eric Pennington, business administrator for the City of Newark. The honorees were celebrated for strengthening Newark and making it a better place to live, work or visit, according to Celia M. King, CEO of Leadership Newark.

Paramount Assets has a four-decade history of involvement in repurposing, reconstructing and renovating vacant downtown properties. The firm owns several properties downtown properties including: 560 Broad St., 17 Academy, 31 Academy, 27 Academy and 45 Academy, the firm's new corporate headquarters site.

Recent Paramount Assets acquisitions include 30-32 Clinton St. and 36-40 Clinton St., which it plans to transform into the neighborhood's newest mixed-use developments. Completed projects include the adaptive reuse of a historic bank building at 2 Ferry St. and William Flats, a luxury multifamily rental property with street-level retail at 869 Broad St.

“The theme for this year's Anniversary Gala was 'Making Strides' and to that end our committee took a look at individuals and entities that really are making strides in Newark for the betterment of the entire community,” King says. “We felt Paramount Assets truly exemplified this year's theme given its many redevelopment projects here that continue to enrich the city. Their transformative real estate projects not only look great and are helping to bring new businesses and residents to Newark, but also complement the rich history for which the city is known.”

Paramount Assets currently maintains a portfolio of 2.8 million square feet of commercial, multifamily and mixed-use holdings across 25 New Jersey municipalities.