A mid-rise, luxury apartment community in Bayonne, New Jersey, was recently sold for $49.6 million.
The six-story property, known as 19 East, contains 138-units with studios, one- and two-bedroom units, and offers community amenities such as garage parking, fitness center, and outdoor terraces.
Located at 19 E. 19th Street, the property was constructed in 2018 and is situated along the Hudson waterfront in the heart of Bayonne’s commercial district. It is close to the I-78 and the Hudson-Bergen Light Rail station at 22nd street, with residents being able to access Jersey City, Hoboken, and Lower Manhattan via PATH service.
The joint venture sellers, Ingerman Group and Verde Capital, were represented by JLL Capital Markets. The JLL team was led by Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn, and Austin Pierce. The buyer, KABR Group, was also represented by JLL, with Steven Klein, Matthew Pizzolato, Gerard Quinn, and Jimmy Cochran leading the buyer’s team. JLL also advised KABR on the acquisition financing, placing the $35 million fixed-rate loan with Kearny Bank.
“This asset represents a tremendous value proposition for renters looking for a new building with best-in-class amenities while also located in a rapidly evolving millennial neighborhood, competitive with the best Hudson County and NYC has to offer,” said Ken Pasternak, CEO and Chairman of KABR Group.