A project that is replacing a former industrial property with new residences has changed hands as the hum of construction activity continues at a sizable Bayonne property.
CBRE has announced the $6.13 million sale of an in-development residential property at 90 Avenue E. The property was acquired from EOM by a private developer based in Hudson County who was not disclosed.
The CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale spearheaded the marketing campaign for the development site and represented EOM in the transaction. Hudson Realty served as a co-broker on behalf of the buyer.
“We’ve had a longstanding relationship with our client, conducting numerous transactions together,” said Mr. Ozturk. “Our approach proved to be highly effective, attracting strong and qualified regional bidders from the outset. In the end, our marketing process left no stone unturned, leading us to secure the highest bidder.”
Jersey Digs initially reported on the project back in 2020 when it was first approved. The project will be replacing the former home of Bayonne Stainless Products and an adjacent multi-family house, both of which have been demolished.
The 70-development is fully approved with a 20-year PILOT and is within walking distance to a Light Rail Station on a mostly residential block in the Peninsula City.
“This is our third development site closed in the last month, and we can potentially close three more by the end of the year,” said CBRE’s Richard Gatto when announcing the transaction. He added that the closing solidifies the strong bid for development sites in Hudson County that have occurred over the last year.