Silk Lofts in Bayonne — Courtesy: Redwood Realty Advisors
By Joshua Burd
An investment firm has paid $32.1 million for an 85-unit, high-end apartment building in Bayonne, where it’s now planning an expansion that will more than double the number of units.
Brokers with Redwood Realty Advisors announced the sale of the Silk Lofts property, located at 154 Avenue E, to Manhattan-based AMS Acquisitions. The deal comes nearly a decade after the debut of new luxury apartments as part of a repositioning of the former Maidenform factory, tapping into the site’s access to a nearby light rail station and to Jersey City and Manhattan.
Developers Doug Stern of Stern Capital and Leon Cohen of CSR Group were responsible for redeveloping the building in 2009, Redwood Realty said. Its new owner, a real estate investment firm, plans to expand the property with 125 additional residential units by developing on the building’s existing surface parking lots.
Steve Matovski of Redwood represented both sides in the recent sale, while Jeremy Wernick of Redwood co-represented the buyer.
“Silk Lofts is a rare Gold Coast trophy asset with high quality amenities and a great location that also represented an attractive value-add investment opportunity for the buyer,” said Matovski, a director at Redwood Realty. He touted a sale price that amounts to more than $375,000 per unit.
The residential property retains much of the original wood and brick detail and high ceiling heights, offering views of the New York City skyline and Bayonne Bridge. The previous owners have added amenities such as a fitness center, herb garden, landscaped courtyard and on-site parking.
The sale also comes amid a development uptick in Bayonne, where several of the state’s well-known residential builders have started or are planning new high-end projects.
“Bayonne is a hot residential market that is benefiting from a convenient commute into New York City and a more affordable housing market,” said Thomas McConnell, managing partner at Hasbrouck Heights-based Redwood Realty. “Our team used their knowledge of the up-and-coming market to secure a buyer after the property was previously listed unsuccessfully for sale by two national firms.”
