The Kislak Co. Inc. has brokered the sale of a 1.66-acre assemblage on and around Mechanic Street in Bayonne, where city officials have approved plans for a multifamily building with 197 units, 4,300 square feet of amenity space, on-site parking for 245 cars and storage for 100 bicycles. — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A developer has sold a series of parcels in Bayonne where city officials have approved plans for nearly 200 new apartments, in a deal arranged by The Kislak Co. Inc.
According to the brokerage team, the 1.66-acre assemblage includes six properties on and around Mechanic Street, east of Avenue F. Kislak’s Davis Briones completed the off-market, $9.9 million trade on behalf of the seller, an affiliate of RAM Development, while also procuring the private buyer.
“Multifamily development within Bayonne and throughout Hudson County remains strong especially for well-located approved sites,” said Briones, a vice president with the firm. “This approved site includes a 30-year PILOT program and is within an Opportunity Zone. Development hot spots in Bayonne such as this tend to be within blocks of light rail stations, and I also expect the western side of the city to experience an increase in development soon as well.”
In a news release, Kislak said the site is approved for a six-story multifamily building with 197 units, 4,300 square feet of amenity space, on-site parking for 245 cars and storage for 100 bicycles. The property will consist of 24 studio, 100 one-bedroom and 73 two-bedroom layouts.
Maurice Israel Rosenberg of Lakewood served as the seller’s attorney.
The brokerage firm added that, within Bayonne, 8,349 units are either built, under construction or approved, according to the city. Of those, 1,022 units are under construction for completion in 2023 and construction is anticipated to begin on another 1,250 units in 2023 or 2024.