A long-forgotten Newark high-rise is finally getting the second chance it’s waited decades for. Once known as the stalled and ghostly Carmel Towers project, the now-rebranded Cosmo 440 is roaring back to life—and it’s doing so with a fresh $60 million injection of funding to finish what was left behind.
If you’ve driven through Newark’s Central Ward in recent years, you’ve likely seen the skeletal structure of a half-built high-rise looming over the skyline—an eerie reminder of past development dreams that never quite reached the finish line. But that’s about to change. Thanks to a newly secured financing deal, Cosmo 440 is poised to complete its transformation from derelict eyesore to modern tower.
A Project Reborn
Cosmo 440 is being developed by Newark-based Paramount Assets, a firm with deep ties to revitalizing historic and stalled properties throughout New Jersey. The original Carmel Towers project broke ground over two decades ago with big ambitions—but due to funding issues and shifting economic tides, construction came to a halt, and the tower sat incomplete for years.
Now, with the new capital in place, Paramount Assets is promising a modern, mixed-use building that will offer residential units, retail space, and community amenities, breathing new life into the heart of Newark. The completed Cosmo 440 will feature over 200 residential units and a ground-level retail footprint designed to attract local businesses and enhance the neighborhood’s walkability.
Funding That Moves the Needle
The $60 million package was made possible through a mix of private investment and strategic public incentives—including support from the New Jersey Economic Development Authority (NJEDA). These kinds of public-private partnerships have become essential to moving large-scale urban redevelopment forward, especially in legacy cities like Newark where aging infrastructure and prior failed projects can slow progress.
Cosmo 440 is one of the largest residential investments in the Central Ward in recent memory, and it represents a broader shift in how Newark is being reimagined—not just with bold new construction, but by turning unfinished business into opportunity.
A Sign of Newark’s New Momentum
For Newark, a city with a complicated history of booms, busts, and bold ambitions, Cosmo 440 is symbolic. It’s a comeback story, not just for a building, but for a block, a neighborhood, and a broader vision of what Newark can be.
With Rutgers-Newark, NJIT, and major cultural institutions nearby, the neighborhood is becoming a hub for innovation, arts, and community growth. Cosmo 440’s completion is expected to bolster these efforts and add to the momentum already building in areas like the Halsey Street corridor and the Ironbound.
Looking Ahead
Construction is expected to ramp up in the coming months, with a target completion date in late 2026. While the journey from Carmel Towers to Cosmo 440 has been long and winding, it now has the wind at its back—and a full head of steam.
Stay tuned with Explore New Jersey every Wednesday as we follow projects like Cosmo 440 and shine a light on the stories shaping the Garden State’s urban future.
This is more than just bricks and mortar. It’s Newark’s next chapter—rewritten, reimagined, and rising high.
