SilkLofts, the century-old factory turned luxury rental building in Bayonne, was purchased by AMS Acquisitions for $32.1 million. The New York City-based real estate investment firm closed the deal on January 16th and plans to add additional apartments and amenities to the property.
“It’s a clear indicator that Bayonne is thriving,” says Anthony Curty, a broker with Pure Properties who has worked on SilkLofts for three and a half years. “A couple years ago, Bayonne was off the radar, and this building and its residents were pioneers. AMS Acquisitions has planted their shovels. The sale is awesome for the market and a really positive thing.”
Located at 154 Avenue E, SilkLofts’ first life was as Schwarzenbach Huber Mill, and then, most notably, transformed into the Maidenform Brassiere Company factory in 1929. One of the biggest employers in Bayonne, by 1940, 1,300 people worked at Maidenform. The large four-building industrial complex’s current incarnation is as high-end residences where Maidenform’s iconic print ads are displayed in the luxe tenant lobby.
Conceived and developed by Doug Stern of Stern Capital and Leon Cohen of CSR Group, SilkLofts opened in 2015 and brought a Brooklyn aesthetic to Bayonne while also offering an affordable convenient alternative. The 85 units are comprised of studio, one bedroom, and two bedroom homes and many of the factory’s unique details — cast iron columns and timbers of yellow pine — were painstakingly preserved.
High-end finishes were added and apartments also have high ceilings, 12-22 feet, as well as views of the Bayonne Bridge and Manhattan skyline. “SilkLofts’ location, apartment design and unique detail make it one of the most prominent and desirable buildings in Northern New Jersey,” says Avi Abadie, Co-Principal of AMS Acquisitions.
AMS Acquisitions will add 100-125 apartments and construct at least two new buildings with additional amenities, including a penthouse-level fitness center with views. Prices are expected to range from $1,500 for studios, $1,800 for one bedrooms, and $2,700 for two bedrooms. And SilkLofts is only three blocks from the 22nd Street station on the Hudson-Bergen Light Rail, enabling an extremely easy and quick commute to Jersey City and Manhattan.
SilkLofts is the second Bayonne property in AMS Acquisitions’ portfolio. In June 2017, they purchased 563 Broadway, a retail site, for $1.075 million.
