Ozturk Gatto Group Acquires Development Site In Bayonne, NJ For $7.6M

175 W 7th Street, a development site located in Bayonne, NJ, has been sold for a price of $7,600,000. The property spans 60,507 square feet, resulting in a price per square foot of $126. Additionally, the property has a total buildable area of 76,362 square feet, with a price per buildable square foot of $96. This approved development site comes with 56 approved units, at a price of $135,714 per buildable unit.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $7,600,000
• Address: 175 W 7th Street, Bayonne, NJ
• Market: Bayonne, NJ
• Brokers: Fahri Ozturk, Richard Gatto, David Ferber, CPA, Joseph Belgiovine - Ozturk Gatto Group - Marcus & Millichap
• Square Footage: 60,507
• Price per Square Foot: $126
• Total Buildable Area: 76,362
• Price per Buildable Square Foot: $96

The successful transaction was facilitated by the Ozturk Gatto Group from Marcus & Millichap, specifically represented by Fahri Ozturk, Richard Gatto, David Ferber, CPA, and Joseph Belgiovine. This sale at 175 W 7th Street in Bayonne, NJ marks a significant development opportunity with its 56 approved units, demonstrating the demand and potential for growth in the area.