Call Bayonne what you want – the outskirts, working middle class, or harborside gem. One thing you can’t deny is its multi-dimensional roots and evolving modern accessibility.
In one fell swoop, Bayonne’s panoramic views balance a brisk pace of railways and bus lines, coupled with quiet rows of rental units and family homes. Wrapped around this infrastructure are three major highways – Newark Bay Extension, Bayonne Bridge (State Route 440), and John F. Kennedy Boulevard (State Route 501).
And, pretty soon Bayonne will ascertain another accolade – travel by land and sea. Even with four light rail stations carrying 54,000 weekday passengers, transit trains are at rush hour capacity. These growing pains are a natural occurrence peppered by a housing and employment boom. Yet, the wait times may genuinely be over.
In 2018, SeaStreak was pegged to shuttle a ferry service from Bayonne’s redeveloped military base (roughly a mile east of Route 440) extending into the heart of Manhattan [1]. Residents could shave off a plausible 45-minute commute as a result. Meanwhile, Exchange Place – Hudson County’s business district – has cornered office, retail, residential, and hotel development amplifying the employment rate.
Such lifestyle amenities bring massive curb appeal and carve deep trenches into the once-fledgling real estate market. In fact, it was only a year ago when AMS Acquisitions purchased the Silk Lofts for $32.1 million – converting the former and deftly iconic building that once housed the Maidenform factory [2].
And, Broadway in Bayonne is gaining several multi-million-dollar facelifts. First, is a seven-story 64-unit structure slated to accommodate 2,950 square feet of commercial space, a fitness center, and bicycle storage [3]. Plus, 477 Broadway will become an eight-story mixed use building promising 72 residential units and a rooftop terrace in hopes of attracting young professionals to the area [4].
Since Jersey City continues to boast a hefty price tag, Bayonne’s upshot is convincingly serious and not in favor of slowing down. In the fourth quarter of last year, average home prices took a 17 percent jump year on year. Rentals remain steady with a modest 2 percent increase but with new construction, and developer investments continuing to soar, price jumps are likely [5].
Bayonne’s Transportation Bubble
- Residents of Bayonne have access to bus and light rail services that connect with Jersey City’s PATH and ferry services to downtown and midtown Manhattan as well as Newark and Harrison, New Jersey
- Four light rail stations are accessible via 45th St., 34th St., 22nd St. and 8th St.
- For downtown Manhattan commuters, the light rail offers easy access from Bayonne to Jersey City, which connects to the PATH station at Exchange Place and Newport directly to WTC
- Bus services are offered by N.J. Transit and private bus companies from Bayonne to Jersey City, Manhattan and Staten Island
From the Hudson corridor to the southern points of the greater Philadelphia region, Circle Squared Alternative Investments is a vigilant resource in private sector real estate. If you’re looking to diversify your portfolio, our team would be happy to speak with you.
*This article is the second post in a two-part educational series highlighting waterfront metropolis, Bayonne.
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Sources:
[1] (McDonald, The Jersey Journal, 2018)
[2] (Lubetkin, GlobeSt.com, 2018)
[3] (Kofsky, Jersey Digs, 2019)
[4] (Blair, Jersey Digs, 2019)
[5] (Fry, Jersey Digs, 2019)