KABR scoops up luxury building in Bayonne for $50M

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

Tri-State /
Mar.March 17, 2022 07:04 PM

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.

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.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: Eric and Bridget Elkin, Diane Mollica, Liz and Lisa Gillooly and Sarah Frigo (Compass)
    Compass aims to grow its North Fork agent count fivefold
    Compass aims to grow its North Fork agent count fivefold
    Southampton Village mayor Jesse Warren (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Southampton Village allows owners to collect summer’s rent upfront
    Southampton Village allows owners to collect summer’s rent upfront
    331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
    Tri-state deal roundup: Multifamily, industrial still hot
    Tri-state deal roundup: Multifamily, industrial still hot
    Seth Boyden Court in Newark NJ with Great Point Studios CEO Robert Halmi (Loopnet, Great Point Studios, iStock)
    Film studio to replace vacant public housing in Newark
    Film studio to replace vacant public housing in Newark
    (Top) 1580 Meadow Lane in Southampton NY and (Bottom) 2056 Montauk Highway in Amagansett NY (Zillow)
    A tale of two oceanfront Hamptons homes
    A tale of two oceanfront Hamptons homes
    Famed Architect Thierry Despont and 320 Majors Path in Southampton NY (Getty Images, iStock, Sotheby’s International Realty)
    Famed architect lists Southampton estate for $23M
    Famed architect lists Southampton estate for $23M
    Parkview’s Paul Rahimian and 1800 Avenue at Port Imperial (Parkview Financial, Handel Architects, Illustration by Kevin Cifuentes for The Real Deal)
    Chinese developer Hongkun faces foreclosure on luxury NJ condo
    Chinese developer Hongkun faces foreclosure on luxury NJ condo
    Richard Gere and 81 Lyndel Road in Pound Ridge (Getty Images, Ginnel Real Estate)
    Buyer found for Richard Gere’s $28M Westchester estate
    Buyer found for Richard Gere’s $28M Westchester estate
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...