This week, The Kislak Company announced their recent sale of an approved 197-unit multifamily development on and around Mechanic Street in Bayonne, New Jersey, for $9,900,000.
The sale consisted of a 1.66-acre assemblage of six properties, with the following addresses: 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 Street, Block 450, Lot 22; 39 Mechanic Street, Block 450, Lot 23; and 41 Mechanic Street, Block 450, Lot 24.
The planned development, which we previously reported on, includes a six-story multi-family building with 197 units, a mix of 24 studios, 100 one-bedroom units and 73 two-bedroom units. The site also includes 4,300 square feet of amenity space, on-site parking for 245 cars, and storage for 100 bicycles.
Davis Briones, a vice president at Kislak, arranged the off-market sale on behalf of the sellers, an affiliate of RAM Development. He also procured the buyer, who is undisclosed.
Mr. Briones commented, “Multifamily development within Bayonne and throughout Hudson County remains strong, especially for well-located approved sites. 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.”