90 Avenue E in Bayonne — Courtesy: CBRE
By Joshua Burd
A private developer has purchased the site of a 70-unit multifamily project that is now under construction in Bayonne, in a newly announced deal by CBRE.
Brokers with the firm represented the seller, EOM, in the transaction at 90 Avenue E. A buyer based in Hudson County paid $6.13 million for the property, the team said, noting that the project is fully approved with a 20-year tax abatement and is within walking distance of Hudson-Bergen Light rail service.
“We’ve had a longstanding relationship with our client, conducting numerous transactions together,” CBRE’s Fahri Ozturk said. “Our approach proved to be highly effective, attracting strong and qualified regional bidders from the outset. In the end, our marketing process left no stone unturned, leading us to secure the highest bidder.”
Ozturk and the firm’s Richard Gatto and Zach McHale spearheaded the marketing campaign for the development site. Hudson Realty served as a co-broker and acted on the buyer’s behalf.
“This is our third development site closed in the last month, and we can potentially close three more by the end of the year, thus solidifying the strong bid for development sites in Hudson County in 2023,” Gatto said.
