554-556 Broadway in Bayonne — Courtesy: Marcus & Millichap
By Joshua Burd
Two mixed-use properties in Bayonne have changed hands for a combined $3 million, following transactions arranged by Marcus & Millichap.
In the larger deal, brokers in the firm’s Saddle Brook office marketed a two-story building at 554-556 Broadway on behalf of a private seller. A buyer paid $1.95 million for the property, which has 10,260 square feet of ground-floor retail space and 7,510 square feet of second-floor office space.
Fahri Ozturk and Tyler Van Wagoner, Marcus & Millichap investment sales specialists in New Jersey, represented both parties. They noted that the new owner will seek approvals to redevelop the property as a four-story mixed-use building.
Meantime, Ozturk and Joe Koicim, a broker from the firm’s Manhattan office, closed on the $1.05 million sale of a property at 718-724 Broadway. Located on a corner in Broadway’s core business district, the collection of three buildings have four commercial tenants and five apartments.
The property is also two blocks from the 34th Street light rail station.
“Recently, Bayonne has become an increasingly desirable destination for tenants, residents, and investors alike, as the extension of the light rail and continued development revitalizes the community,” Ozturk said.
