KABR Group purchases 138 luxury apartments in Bayonne for $49.6M (SLIDESHOW)

JLL Capital Markets closed the sale and acquisition financing of 19 East

Ridgefield Park-based KABR Group said Thursday morning that it bought 19 East, a 138-unit, mid-rise, luxury apartment community in Bayonne, for $49.6 million.

JLL represented the joint venture seller, Ingerman Group and Verde Capital. JLL also advised KABR on the acquisition financing, placing the $35 million fixed-rate loan with Kearny Bank.

“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 (New York City) has to offer,” said Ken Pasternak, chairman and CEO of KABR Group.

Constructed in 2018, the six-story property offers studios, one- and two-bedroom units featuring gourmet kitchens, hardwood flooring, designer finishes and lighting fixtures, stainless steel appliances, washers and dryers, walk-in closets, island and breakfast bars and quartz countertops. Community amenities include a fitness center, garage parking, a game room, two furnished outdoor terraces and business centers on every floor.

Situated at 19 E. 19th St., the property is located in the center of Bayonne’s commercial district along the Hudson waterfront.

The community is close to Interstate 78, which runs eastbound to Jersey City and Manhattan. Positioned just one block from the Hudson-Bergen Light Rail station at 22nd Street, 19 East offers residents connectivity to Jersey City, Hoboken and Lower Manhattan via PATH service.

The JLL Capital Markets Team representing the seller was led by Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce. Additionally, Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran led the JLL Capital Markets Team representing the buyer.

“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.

“This deal received a tremendous amount of interest from the lending community given the institutional quality sponsorship. Kearny Bank ultimately stepped up to provide an extremely attractive, fixed-rate option,” Klein added.