KABR scoops up luxury building in Bayonne for $50M

New Jersey-based firm closes deal with Ingerman Group and Verde Capital

KABR's Ken Pasternak and 19 East 19th Street in Bayonne (KABR, iStock)
KABR's Ken Pasternak and 19 East 19th Street in Bayonne (KABR, iStock)

New Jersey-based KABR Group has expanded its New Jersey portfolio, picking up a mid-rise luxury apartment building in Bayonne.

The private equity real estate firm purchased “19 East” for $49.6 million from joint sellers Ingerman Group and Verde Capital. KABR bought the 138-unit building in part with a $35 million fixed-rate loan with Kearny Bank.

Constructed in 2018, the six-story apartment building, located at 19 East 19th Street, consists of 24 studios, 74 one-bedroom units, and 40 two-bedrooms equipped with island and breakfast bars, quartz countertops and washers and dryers.

The property also features a fitness center, garage parking, a game room, two furnished outdoor terraces and business centers on every floor.

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The building is located in Bayonne’s commercial district and a block away from the Hudson-Bergen Light Rail station at 22nd Street.

Ken Pasternak, CEO and chairman of KABR Group, touted 19 East in a statement as “a new building with best-in-class amenities” in a “rapidly evolving millennial neighborhood.”

A JLL team including Steven Klein and Matthew Pizzolato represented the buyer, and another JLL team including Jose Cruz and Michael Oliver represented the seller.

Cruz, in a statement, called the property “one of the first institutional quality assets to trade in Bayonne” and said it drew interest from regional and national bidders.

KABR teamed up with FCA-Orbita Group last month to purchase interconnected five- and six-story buildings spanning 620,000 square feet on Jamaica Avenue in Queens for $73.5 million.