Multiple sites in Bayonne are set to be redeveloped after being sold for a combined price of $2,580,000, according to realtor The Kislak Company, Inc.
Developers recently purchased three properties for development, relatively close to one another, Kislak announced.
The three properties are: vacant land at 43-45 West 32nd Street; a building at 425-429 Avenue C; and a vacant lot at 795 Broadway.
Gold Coast Builders LLC bought the West 32nd Street and Avenue C properties. The purchaser for the Broadway land was undisclosed.
The buyers were procured by Kislak Vice President Davis Briones who has been marketing the properties on an exclusive basis.
“We had a strong response to the offering since they were multifamily developments in Hudson County,” Briones said. “Gold Coast Builders was motivated by the strong demographics in town as well as the pro-development stance from the mayor and city.”
The vacant lot at 43-45 West 32nd Street sold for $1,270,000 in an all-cash transaction, according to Kislak. The 50-by-190-foot lot is slated for a five-story building with 24 residential units and 24 parking spaces.
In midtown, the property is close to shopping on Broadway, the Bayonne Public Library, and within walking distance of the 34th Street light rail station.
“The property already had approved plans from the city,” said Briones. “It traded for about $53,000 per approved unit, within the market trend of $50,000 – $60,000 per unit.”
The corner building at 425-429 Avenue C sold for $1,010,000 and is part of a 17-year PILOT program. It will be razed by Gold Coast Builders and developed into a five-story building with 19 residential units and 19 parking spaces.
The Avenue C property is closer to downtown, also near shopping on Broadway, blocks away from City Hall and Police Headquarters, and within walking distance of the 22nd Street light rail station.
The vacant land on Broadway, another corner lot, sold for $300,000. It’s ten blocks from the BayOne ten-story apartment complex on Broadway, and within walking distance of the 34th Street light rail station.
The 25-by-100-foot lot is zoned for mixed-use development up to five stories in the Central Business District. According to Kislak, the property was sold as-is without approvals from the city.
“Given the strong demand for land in Bayonne, we received multiple offers, and the purchaser closed with no contingencies or city approvals during the pandemic crisis,” Briones said.
The developer would need approval from the planning board or city council to build on the lot.
Bogota Savings provided financing for the West 32nd Street and Avenue C properties, and Brunswick Savings for the Broadway property.
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