247-251 West First St. in Bayonne — Courtesy: CBRE
By Joshua Burd
Texaco Downstream Properties has sold a one-acre parcel across from a planned 1 million-square-foot film studio project in Bayonne, in a newly announced deal by CBRE.
According to the brokerage team, a buyer listed as ASAP LLC plans to continue using the site at 247-251 West First St. for its operations until the city announces a redevelopment plan as a waterfront, mixed-use residential building. The 42,000-square-foot property’s appeal figures to grow in the coming years as a developer builds out what will be known as 1888 Studios — at a former Texaco property on Avenue A — under a nearly $1 billion project that will help meet the growing demand for film and television production space.
CBRE’s Allison Portera represented the buyer, while JLL represented the seller.
“This land parcel is in an extremely desirable location, across the street from a 1 million-square-foot film studio currently under development and expected to be completed by 2025,” Portera said. “Over the next few years, the city of Bayonne is planning to redevelop the area to support the studio and bring more people to the waterfront.”
