19 East at 19 East 19th St. in Bayonne — Courtesy: KABR Group
By Joshua Burd
KABR Group has purchased a 138-unit luxury apartment building in Bayonne for nearly $50 million, in a deal arranged by brokers with JLL.
In a news release, the investment firm said it acquired what’s known as 19 East from a joint venture of Ingerman Group and Verde Capital. It also secured a $35 million acquisition loan for the collection of studio, one-bedroom and two-bedroom homes at 19 East 19th St.
JLL’s Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce led the team representing the seller. The firm also sourced the financing with Kearny Bank, with Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran doing so on the borrower’s behalf.
“This asset represents a tremendous value proposition for renters looking for a new building with best-in-class amenities while also located in a rapidly evolving millennial neighborhood, competitive with the best Hudson County and NYC has to offer,” said Ken Pasternak, chairman and CEO of Ridgefield Park-based KABR.
Built in 2018, the six-story property boasts upscale apartments and amenities such as a fitness center, garage parking, a game room, two furnished outdoor terraces and business centers on every floor, according to a news release. The asset, which sold for $49.6 million, also sits in the center of Bayonne’s commercial district along the Hudson waterfront and is a short walk from retail and dining.
“Representing one of the first institutional-quality assets to trade in Bayonne, we were very pleased with the interest level from regional and national bidders,” Cruz said.
The investment and brokerage team also cited the building’s location one block from the Hudson-Bergen Light Rail station at 22nd Street. That provides residents with connectivity to Jersey City, Hoboken and Lower Manhattan via PATH service, while they also have quick access to Interstate 78.
“This deal received a tremendous amount of interest from the lending community given the institutional-quality sponsorship,” Klein said. “Kearny Bank ultimately stepped up to provide an extremely attractive, fixed-rate option.”
