Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to Baker Residential in arranging a joint venture with Woodmont Properties to develop 190 West 54th Street in Bayonne, New Jersey. Woodmont acquired a majority stake in the venture, and construction is well underway, with completion anticipated by spring 2019. Woodmont, as managing partner, brings to the venture its development expertise and both equity and debt capital.
Located along John F. Kennedy Boulevard and adjacent to the 40-acre Richard A. Rutkowski Park, the proposed Project will feature 220 market-rate units, views of Manhattan and The Port of Newark, covered parking, a community pool, landscaped courtyards, a roof top terrace, club room, fitness center, pet spa, and direct access to the Richard Rutkowski park.
A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Brian Whitmer, Sridhar Vankayala, and Gloria Aboagye-Agyeman represented the Sponsor in the transaction.
About Woodmont Properties
Woodmont Properties is a regional real estate company which develops, builds, markets and invests in a diversified range of real estate. Woodmont's portfolio of residential and commercial investments includes: office, flex, industrial, retail, hotels/ hospitality, single-family, multi-family, and mixed-use redevelopments. The company has grown over the past fifty years through the combined experience of its ownership and professional staff. As a multi-disciplined organization, Woodmont Properties specializes in land entitlements, development, design, construction, asset management, sales, marketing, finance, accounting and legal. Woodmont delivers this scope of services mostly through its in-house expertise, which has built a significant track record of success
About Baker Residential
Founded in 1966 by William A. Baker, Jr. and Robert K. Jones, The Baker Companies is headquartered in White Plains, New York. Now in its second generation, the company continues as a private family owned firm. Baker Residential, the residential arm of the company is focused on building high quality housing and has developed over 15,000 dwelling units. Baker Properties, an entity related by common ownership, has a portfolio of properties that includes 930 multifamily units and 3.4 million square feet of light industrial /flex space. Baker Properties has an experienced property management team capable of managing multi-family and commercial assets.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.