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AMS Acquisitions is making moves across the Hudson River from its normal New York stomping grounds.
The developer purchased Silk Lofts, an apartment building converted from a former Maidenform bra factory in Bayonne, New Jersey, for $32M from Stern Capital and CSR Group in a transaction that closed Jan. 16. AMS also plans to add over 125 apartments to the site.
The original structure is five stories tall and contains 85 studio, one-bedroom and two-bedroom apartments. AMS plans to build at least two new buildings on parking lots surrounding the former women's underwear factory. Units in the new buildings will range from $1,500 for a studio to $2,700 for a two-bedroom apartment, according to AMS.
The building is three blocks away from Bayonne's 22nd Street light rail station, which provides an estimated 25-minute commute to Manhattan. According to AMS, some units have views of the Manhattan skyline and the Bayonne Bridge.
Redwood Realty Advisors represented both the buyer and the seller. It is AMS' second acquisition in Bayonne, after a $1M purchase of a retail building in June. With nearby Jersey City among the priciest and most in-demand rental markets in the country, AMS is banking on some prospective tenants looking farther south for their residence.
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