Why Paterson.
Paterson is New Jersey's third-largest city, home to about 161,000 people roughly 15 miles from Midtown Manhattan, where three in four households rent and an estimated 7,000 more homes are needed by 2031. As a Garden State Growth Zone, it can exempt qualifying new construction from property tax for up to 30 years. And it is where Veloce Capital and Ania Management have built for years.
Sources: U.S. Census Bureau, V2025 and ACS 2020–2024; CommunityScale; P.L. 2021, c.232
The Silk City
Paterson was founded in 1792 beside the Great Falls of the Passaic River as America's first planned industrial city, its mills powered by the falls. By the late 1800s its silk mills had made it known around the world as the Silk City.
Today the Great Falls district is being renewed. The Great Falls River Walk and Quarry Lawn opened in 2026, Hinchliffe Stadium reopened in 2023 after a $100 million restoration, and Lambert Castle still looks over the city from Garret Mountain.
Paterson at a glance
- PopulationU.S. Census Bureau, V2025
- 161K+
- Renter-occupied householdsACS 2020–2024
- 73%
- Population growth, 2010–2020U.S. Census Bureau, 2010 and 2020 Censuses
- +9.3%
- Housing stock built before 1950ACS 2020–2024
- 45%
- Median home sale priceRedfin, 3 months to August 2026
- $605K
The market story
Housing shortage
Paterson needs an estimated 7,000 more homes from 2026 to 2031, with limited new supply.Source: CommunityScale, 2026–2031 projection
A renter's city
Roughly three in four households rent: 73% renter-occupied.Source: U.S. Census Bureau, ACS 2020–2024
Resilient demand
Demand is supported by a large renter base, population growth of 9.3% from 2010 to 2020, and rail access to New York City.Source: U.S. Census Bureau, 2010 and 2020 Censuses
Close to Manhattan
- 15
- Miles from Paterson to Midtown Manhattan, in a straight line
- 36–39
- Minutes to Hoboken Terminal, direct on the NJ Transit Main Line
- 45
- Minutes to New York Penn Station, with a transfer at Secaucus Junction (varies with the connection)
Approximate. Times vary by train. Sources: NJ Transit Main Line schedules, fall 2026; straight-line distance from Paterson City Hall to Times Square.
A city investing in itself
A national park, a restored stadium, a statutory 30-year tax exemption, and continuing public and private investment in the Great Falls district.
The 30-year exemption
Paterson is one of three New Jersey cities eligible for the 30-year exemption, and the only one in North Jersey.Source: P.L. 2021, c.232
Qualifying new construction is fully exempt on the improvements for years 1 to 10, then taxed in 5% steps to 100% in year 30. Land stays on the rolls. The improvement needs a final certificate of occupancy by September 18, 2028.Sources: P.L. 2013, c.161; P.L. 2021, c.232
Share of conventional tax paid on improvements under the 30-year exemption. Illustrative only; consult counsel.
Public investment already in the ground
- May 2026$7.6M
Quarry Lawn and Great Falls River Walk opened, on a cleaned-up Superfund site, with the EPA and the National Park Service.Source: News 12 NJ
- March 2025$7M
NJEDA Urban Investment Fund grant for the Great Falls Historic District.Source: NJEDA
- May 2023$100M
Hinchliffe Stadium restored and reopened.Source: ABC7; Jersey Digs. Total public-private project cost.
- August 2022$50M+
State budget allocation to Paterson for Great Falls redevelopment, parks, roads, and public safetySource: CBS New York
Paterson Great Falls National Historical Park
A national park inside the city, now including the River Walk and Quarry Lawn.Source: National Park Service