In Bayonne, approved multifamily development fetches $9.9M

A Bayonne property approved for a multifamily development with nearly 200 units sold for $9.9 million, The Kislak Co. Inc. announced March 13.

Vice President Davis Briones arranged the off-market deal on behalf of the sellers, an affiliate of Lakewood-based RAM Development, and procured the undisclosed buyer.

The development is planned to include a six-story building with 197 units, 4,300 square feet of amenity space, on-site parking for 245 cars and storage for 100 bicycles, according to Kislak. The unit mix will include 24 studios, 100 one-bedroom and and 73 two-bedroom residences.

The 1.66-acre collective is comprised of:

• 130-134 Avenue F, Block 450, Lot 1
• East 23rd Street Foot of, Block 450, Lot 10.01
• Mechanic Street Foot of, Block 450, Lot 10.02
• 37 Mechanic St., Block 450, Lot 22
• 39 Mechanic St., Block 450, Lot 23
• 41 Mechanic St., Block 450, Lot 24

In a statement, Briones remarked on the strength of “well-located approved sites” in the multifamily sector across Hudson County and within Bayonne.

“This approved site includes a 30-year PILOT program and is within an Opportunity Zone. Development hot spots in Bayonne such as this tend to be within blocks of light rail stations, and I also expect the western side of the city to experience an increase in development soon as well,” he said.

More than 8,3oo units are built, under construction or approved in the Hudson County municipality, Kislak said citing information from Bayonne. Of that total, 1,022 units are expected to be completed in 2023, with construction expected to begin on 1,250 additional units through this year and the next.

Maurice Israel Rosenberg of Lakewood served as the sellers’ attorney.