Three development sites in Bayonne sell for total $2.58M

Three multifamily development sites in Bayonne have sold for a total of $2.58 million, according to real estate firm the Kislak Co. Inc.

Woodbridge-based Kislak said in a news release that the properties are in close proximity. Kislak marketed the properties on an exclusive basis, with Davis Briones, vice president, handling the assignment on behalf of the various sellers. Briones also procured Gold Coast Builders LLC as a buyer for two of the properties.

The properties are:

  • A vacant lot at 43-45 W. 32nd, which measures 50-by-190 and sold for $1.27 million in an all-cash transaction. The buyer was Gold Coast Builders, and the seller was not disclosed. A five-story building with 24 residential units is planned for the site.
  • A building at 425-429 Ave. C, which sold for $1.01 million as part of a 17-year PILOT program. It was also purchased by Gold Coast Builders from an undisclosed seller. The building will be razed and a five-story building with 19 units will be built on its corner lot.

“We had a strong response to the offering, since they were multifamily developments in Hudson County,” Briones said in a prepared statement. “Gold Coast Builders was motivated by the strong demographics in town, as well as the pro-development stance from the mayor and city.”

  • A vacant lot at 795 Broadway, which measures 25.19-by-100 and sold for $300,000. The property was sold as-is by an undisclosed seller to an undisclosed buyer. It is zoned for the Central Business District for up to a five-story mixed-use development.

“Given the strong demand for land in Bayonne, we received multiple offers, and the purchaser closed with no contingencies or city approvals during the pandemic crisis,” Briones said.

Bogota Savings provided financing for the Gold Coast purchases, while Brunswick Savings did so for the third property.