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Gupta Development Buys Second Property at Former Military Ocean Terminal

Post Date: Tuesday, March 13, 2018

Land Sale at former Military Ocean Terminal: Gupta Development purchased a second parcel of land at the former base for $1,005,000.  The City of Bayonne and the developer signed and exchanged documents in the real estate closing, which took place at City Hall.  Pictured left to right: Gerard Nicolette (Assistant Vice President, Prestige Title Agency), Shaun Gupta (Gupta Development), Donald Pepe (attorney, Scarinci and Hollenbeck), Mayor Jimmy Davis, and Bayonne Law Director Jay Coffey. 

Mayor Jimmy Davis announced that the City of Bayonne has completed the sale of a second parcel at the former Military Ocean Terminal to Gupta Development of Jersey City.  The company purchased 2.01 acres for $1,005,000.  The property is located in the Harbor Station area of the former base.  According to the developer, the parcel will be developed for a commercial use.  Details concerning that development will be announced at a later date.  Mayor Davis said, “This sale is the latest sign of continuing progress at the former Military Ocean Terminal.  The Guptas and other developers have shown their confidence by investing in our community.  We welcome their continuing interest in building Bayonne’s future.”  Mayor Davis continued, “We are proud that development is moving forward after years of delay.”

Last month, Gupta Development purchased its first parcel at Harbor Station.  That first parcel will be developed for The Waterview, a mixed-use building with commercial space and 97 residential apartments.  The ground-breaking ceremony for that building took place on March 5.

The City of Bayonne and Gupta Development signed the documents of sale for the second parcel in Mayor Davis’s conference room.  Mayor Davis and Law Director Jay Coffey represented the City of Bayonne at the signing ceremony.  Shaun and Raj Gupta and their attorney, Donald Pepe, represented the developer. 



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