Plans for Silk Lofts II call for an 18-story, 250-unit tower at 132, 134-136, 138 and 140 Avenue E and a second building at 157-163 Avenue E with another 36 homes across six stories. — Rendering by MHS Architecture/Courtesy: JLL
By Joshua Burd
The owner of a mixed-use development site in Bayonne is seeking a joint venture partner, hoping to unlock a project that is fully approved for 286 apartments and new retail space.
According to JLL, which is marketing the property, plans for what’s known as Silk Lofts II call for an 18-story, 250-unit tower at 132, 134-136, 138 and 140 Avenue E. A second building across the street would include another 36 homes across six stories, while the redevelopment would also create an automated parking garage to serve both properties and the existing Silk Lofts residential complex.
JLL added that the site is just off Route 440 and one block from the Hudson-Bergen Light Rail. Equally notable is that the fully approved project, designed by MHS Architecture, has a 25-year payment in lieu of taxes agreement with the city.
“Unburdened by affordable housing mandates, it offers substantial economic returns and fiscal predictability,” JLL wrote in its offering materials for Silk Lofts II. “The asset is primed for immediate action — all government approvals are secured, and on-site utilities are fully operational, with no off-site commitments. This rare convergence of long-term tax benefits, regulatory clearance and infrastructure readiness creates a standout investment opportunity.”
JLL’s Ryan Robertson, Steve Simonelli, Jose Cruz and Pranav Patel are marketing the property, with Thomas E. Didio Jr. of the firm’s debt and equity team available for financing advisory. They noted that Silk Lofts is positioned in Bayonne’s fast-growing Gold Coast, leveraging connectivity to the Hudson waterfront and New York City’s five boroughs, in an area with limited undeveloped land and few competitive projects.
Aside from 286 market-rate apartments, the development would include nearly 20,000 square feet of amenity space for residents. It’s also slated to house more than 5,000 square feet of retail space across the two buildings, along with more than 400 parking spaces.
