V.P. Davis Briones Arranges Exclusive Sales in Hudson County
Woodbridge, N.J., October 16, 2020 – The Kislak Company, Inc. announced the recent sale in Bayonne, Hudson County, New Jersey of three properties for development within close proximity to one another: vacant land at 43-45 West 32nd Street; a building at 425-429 Avenue C; and an additional vacant lot at 795 Broadway. The properties sold for a combined price of $2,580,000.
Kislak marketed the properties on an exclusive basis with vice president Davis Briones handling the assignment on behalf of the sellers. Mr. Briones also procured the purchaser, Gold Coast Builders LLC, for the West 32nd Street and Avenue C properties. The purchaser for the Broadway land was undisclosed.
Of the former two properties, Mr. Briones commented: “We had a strong response to the offering since they were multifamily developments in Hudson County. Gold Coast Builders was motivated by the strong demographics in town as well as the pro-development stance from the mayor and city.”
The vacant 50’ x 190’ lot at 43-45 West 32nd Street, sold for $1,270,000 in an all-cash transaction, and is slated for a five-story building with 24 residential units and 24 parking spaces. “The property already had approved plans from the city,” said Mr. Briones. “It traded for about $53,000 per approved unit, within the market trend of $50,000 – $60,000 per unit.”
The building at 425-429 Avenue C, sold for $1,010,000 and is part of a 17-year PILOT program, It will be razed by Gold Coast Builders and developed into a five-story building with 19 residential units and 19 parking spaces on its corner location.
Located in midtown Bayonne, the two properties are close to shopping, the Bayonne Medical Center, restaurants, library, Hudson County Park, and within walking distance of Light Rail, buses to New York City, Journal Square and the PATH – making these ideally situated for future residents. The vacant land on Broadway, another corner lot, measures 25.19’ x 100’ sold for $300,000 in the Central Business District (CBD). Currently zoned as such for CBD for up to a five-story mixed-use development, the property was sold as-is without any approvals. “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,” Mr. Briones added. The property has easy access to NJ Transit at 34th Street, and is approximately a 15 – 20 minutes’ drive to Newark Penn Station Commuter Rail and Newark Liberty International Airport respectively.
Bogota Savings provided financing for the former two properties and Brunswick Savings for the latter property.
Davis Briones joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in Hudson County, New Jersey. Mr. Briones received the firm’s 2016 Rising Star award and was promoted to a vice president in 2019.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.