CBRE arranges $6.13M sale of in-development multifamily property in Bayonne

CBRE on Friday announced the $6.13 million sale of an in-development residential property at 90 Ave. E in Bayonne. The property, which is in midconstruction, was acquired from EOM Realty Group by a private developer based in Hudson County.

The CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale spearheaded the marketing campaign for the development site and represented EOM in the transaction. Hudson Realty Group served as a co-broker and acted on behalf of the buyer.

“We’ve had a longstanding relationship with our client, conducting numerous transactions together,” Ozturk said. “Our approach proved to be highly effective, attracting strong and qualified regional bidders from the outset. In the end, our marketing process left no stone unturned, leading us to secure the highest bidder.”

“This is our third development site closed in the last month, and we can potentially close three more by the end of the year, thus solidifying the strong bid for development sites in Hudson County in 2023,” Gatto said.

The 70-unit Class A multifamily project at 90 Ave. E is fully approved with a 20-year payment in lieu of taxes and is within walking distance to a Light Rail Station in the heart of Bayonne.