Bayonne 25-Unit Building Sells After 50-Year Hold
What Sold in the $6.13M Bayonne Deal? The asset at the center of the $6.13 million Bayonne transaction was an under-development multifamily site at 90 Avenue E. A 25-unit building there was tied to a larger plan for 70 residences. The site was fully approved for a 70-unit Class A multifamily project and included a 20-year Payment in Lieu of Taxes agreement. CBRE announced the sale on December 15 and described the property as a residential location in Bayonne, NJ. The firm marketed the site for seller EOM, with Fahri Ozturk, Richard Gatto, and Zach McHale representing the assignment. In other regional property activity, a Richmond firm acquired a Hanover County logistics center with 552,587 square feet of warehouse space for $128 million. Transaction Details The reported price was $6.13 million. CBRE's announcement cited a brokered figure of $6.1 million. The buyer identity was not publicly disclosed beyond a description of a Hudson County-based private developer. That buyer was r...