Nisson Hymen Acquires 59-Unit Senior Housing Community In Bayonne For $5,000,000

The asset involved in this transaction is a 59-unit senior affordable housing community located at 74 Lexington Avenue, Bayonne, NJ. The sale price for the property was $5,000,000, covering a total square footage of 49,000, resulting in a price per square foot of $102. The community is subject to multiple overlapping LIHTC restrictions through 2047 and is also connected to a NJDCA Affordable Housing Agreement, Hudson County HOME agreement, and a PILOT with the City of Bayonne.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $5,000,000
• Buyer: Nisson Hymen
• Seller: Thafer Hanini
• Broker: Adam Zweibel - Hudson Atlantic Realty
• Square Footage: 49,000
• Price per Square Foot: $102

This transaction was closed with Adam Zweibel acting as the exclusive listing broker from Hudson Atlantic Realty. He noted the closure of Senior Horizons of Bayonne, highlighting the property's adherence to various affordable housing programs and agreements designed to ensure long-term affordability.