SOUTH AMBOY – Bayside Cove, a new townhome rental community with 125 units, has been sold for $43.45 million,
In a press release, Gebroe-Hammer Associates, which brokered the sale, did not identify the buyer, who the release said was a private investor.
Located at 100 Celecki Drive, Bayside Cove, formerly known as Woodmont Cove, was built in 2018.
“Bayside Cove posed a rare new-development, transit-village investment opportunity along one of New Jersey’s most historic coastal regions that is currently undergoing a rebirth,” said Stephen Tragash, an executive president of Gebroe-Hammer Associates. “Because of Middlesex County’s demographic cohort and long-term greater-metro stability, the area’s renter-by-choice executive-level population base is expected to remain fairly stabilized.”
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The neighborhood is targeted for more than 1,800 newly constructed residential units, a restaurant, parking facilities, a public park and continuation of the Raritan Bay waterfront walkway. Another planned addition is the South Amboy Ferry Terminal, slated to offer waterway service to lower Manhattan, the release said.
"Manhattan Beach, when ultimately built out, is approved for 1,875 residential units," City Business Administrator Glenn Skarzynski said. "They are doing the construction right now of the first 500 residential units. The developer doing that is BNE Real Estate of Livingston."
The project is located off Lower Main Street off Radford Ferry Road, Skarzynski said.
Email: sloyer@gannettnj.com
Susan Loyer covers Middlesex County and more for MyCentralJersey.com. To get unlimited access to her work, please subscribe or activate your digital account today.
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South Amboy: Bayside Cove townhome rental community sold for $43.5 million - My Central Jersey
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