Woodmont Properties, Baker Residential Start Construction on NJ Assets
The joint venture is developing a 220-unit community in Bayonne, which is expected to be completed in the spring of 2019.
By D.C. Stribling, Contributing Editor
Woodmont Properties and Baker Residential have formed a joint venture to develop an apartment building, 190 West 54th St. in Bayonne, N.J. Woodmont acquired a majority stake in the venture, and construction is under way, with completion anticipated by spring 2019.
Located along John F. Kennedy Boulevard and adjacent to the 40-acre Richard Rutkowski Park, the project will feature 220 market-rate units with views of Manhattan and the Port of Newark. Common amenities will include covered parking, a community pool, landscaped courtyards, a roof top terrace, club room, fitness center, pet spa and direct access to the Richard Rutkowski park.
A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Brian Whitmer, Sridhar Vankayala and Gloria Aboagye-Agyeman represented the Baker Residential in the formation of the JV.
Bayonne Building Boom
Bayonne is seeing multifamily development growth, trading on its proximity to Manhattan and relatively low rents. According to Joe DeMarco, the city’s business administrator, Bayonne will add 2,000 to 3,000 apartments over the next five years.
As of 3Q 2017, according to Trulia, median rent for a one-bedroom units in Bayonne was $1,225. That’s up from a year earlier but still modest compared to Manhattan’s one-bedroom median rent, which Douglas Elliman puts at $3,350.