City, Paramount Need to Talk

A popular downtown business has moved out of town, citing difficulties with its landlord, Paramount Assets.

The reason is spelled out in a large sign in the now-vacant storefront, one of many owned by the company that purchased all 45 storefronts formerly owned by the Pittis Estate for many decades. City residents knew Graphix One Vice president Jeffrey Yingling not only as a businessman, but a good corporate citizen who recently spearheaded a drive to help the Plainfield Rescue Squad. That makes it a double loss to the city.

Yingling was frank about his company's need to relocate, citing the reason in an interview with Courier News reporter Mark Spivey:

"Yingling attributed the move to a string of what he said were unpleasant experiences with Paramount Assets, the real-estate firm that owns Graphix One's former Park Avenue property and many others in the city's downtown business district."

But since Paramount's acquisition of the bulk of commercial real estate downtown, several other businesses have quietly folded or moved when faced with tripled rent. As leases expire, more business owners will have to decide whether to stay or go.

Paramount's advent into Plainfield roughly paralleled Connnolly Properties' acquisition of much of the city's multi-family residential real estate. Over the past year, headlines have tracked Connolly's troubles with managing the residential portfolio. Paramount has not garnered as much attention to its commercial holdings, but maybe a closer look is warranted.

Any time one entity acquires so much real estate in a municipality, economic health must become a shared concern. The city can't tell a company how to run its business, but officials can set forth some hopes and expectations for partnership in the city's future. Business attraction and retention is a key factor in a viable downtown. Instances such as Graphix One's departure point to the need for better communication with Paramount for the overall good of the city.

--Bernice Paglia