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$ 1,299,000
Est. payment | /mo
22 Baths
$ 1,299,000
Est. payment | /mo
22 Baths
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 260019756
Full Baths 22
Lot Dimensions 69.75 x 94.31
Property Sub-Type Investment
Property Description
APPROVED 14-UNIT MULTIFAMILY DEVELOPMENT SITE. BUYER BUILDS. 80-84 East 25th Street is a 6,578 SF lot (69.75 x 94.31) in Bayonne's 80-84 East 25th Street Redevelopment Area with the entitlement work complete. The Bayonne Planning Board granted preliminary and final major site plan approval (Resolution P-24-035, memorialized April 8, 2025) for a four-story, 45-ft residential building with 14 units over a 15-space enclosed garage, and found the project fully compliant ("as-of-right") with the redevelopment plan. The City executed a Redevelopment Agreement naming the owner exclusive redeveloper on June 17, 2026, and a 20-year PILOT (long-term tax exemption, Ordinance O-25-41) in June 2026: an annual service charge of 10% of gross revenue in years 1-10, stepping to 11% with rising tax floors through year 20. No affordable-housing set-aside or fee. Approved program: 6 one-bedroom/one-bath units (651-816 SF) and 8 two-bedroom/two-bath units (928-958 SF), 11,980 SF net residential, a 798 SF residents' amenity room, elevator, a washer/dryer in every unit plan, tenant storage and bike parking in the partial basement, rooftop solar and a red-brick loft-style facade. Architect's certified hard-cost estimate: $3,404,000. About a quarter mile to the 22nd Street HBLR light rail station. FEMA flood zone X. The lot holds a vacant one-story masonry warehouse, which the approved plan demolishes; this is not a warehouse or income offering. Unit, bedroom, bath, story, parking and elevator counts in this listing describe the approved building, not the existing structure. Transfer of the redeveloper rights and PILOT is subject to the City of Bayonne consent and assignment terms of the agreements. Buyer to verify all information, approvals, zoning, dimensions and costs.
Location
State NJ
County Hudson
Area Bayonne
Exterior
Garage Spaces 15.0
Listed by COSTANZA & PROVIDENCE REAL ESTATE AGENCY INC.
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