Kislak brokers sale of properties slated for 197-unit multifamily development in Bayonne for $9.9M

The Kislak Co. announced the recent sale of a 1.66-acre assemblage of properties approved for a 197-unit multifamily development on and around Mechanic Street in Bayonne for $9.9 million.

The sale included the following six properties:

  • 130-134 Ave. F, Block 450, Lot 1;
  • East 23rd Street, Block 450, Lot 10.01;
  • Mechanic Street, Block 450, Lot 10.02;
  • 37 Mechanic St., Block 450, Lot 22;
  • 39 Mechanic St., Block 450, Lot 23; and
  • 41 Mechanic St., Block 450, Lot 24.

Kislak Vice President Davis Briones arranged the off-market sale of the properties on behalf of the sellers, an affiliate of RAM Development, and he also procured the purchaser, which was not disclosed.

The sellers’ attorney was Maurice Israel Rosenberg of Lakewood.

“Multifamily development within Bayonne and throughout Hudson County remains strong, especially for well-located approved sites. 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,” Briones commented.

The planned development includes 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 planned unit mix consists of 24 studios, 100 one-bedroom units and 73 two-bedroom units.

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. Development in Hudson County remained strong throughout 2022 and the trend is expected to continue.