A rendering of a planned 24-unit residential building at 43-45 West 32nd St. in Bayonne
By Joshua Burd
Three multifamily development sites in Bayonne have changed hands for a combined $2.58 million, in a set of transactions brokered by The Kislak Co. Inc.
In one of the transactions, an entity listed as Gold Coast Builders LLC purchased a vacant lot at 43-45 West 32nd St. and a building at 425-429 Avenue C. The former sold for $1.27 million in cash and is slated for a five-story building with 24 residential units and 24 parking spaces.
Meantime, the Avenue C building traded for $1.01 million and is part of a 17-year tax abatement program, Kislak said. Gold Coast Builders will raze the structure and develop a five-story, 19-unit building with 19 parking spaces in its place.
“We had a strong response to the offering since they were multifamily developments in Hudson County,” said Davis Briones, a vice president with Kislak. “Gold Coast Builders was motivated by the strong demographics in town as well as the pro-development stance from the mayor and city.”
Briones marketed the properties and procured the buyer, as he did for the third site at 795 Broadway. The remaining property, a vacant lot in the central business district, went to an undisclosed buyer for $300,000 and is zoned for up to a five-story mixed-use development.
“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, citing the property’s easy access to Hudson-Bergen Light Rail service and area highways. Each parcel is also close to shopping and dining, the Bayonne Medical Center, parks and other offerings.
Bogota Savings Bank provided financing for the West 32nd St. and Avenue C properties, while Brunswick Savings Bank financed the Broadway parcel.