Purchase price for the property from the Bayonne Local Redevelopment Authority (BLRA) for the historic 153-acre site was $90 million. The purchaser, Ports America Group is made up of three independent port operating businesses: Ports America, AMPORTS and MTC. The combined revenues and assets of the Ports America Group are $1.6 billion and $2.9 billion, respectively with operations in over 50 locations along the East, West and Gulf coasts.
Commenting on the purchase, Ports America Group chairman John Stokes said, “The Ports America Group is the largest port-side automotive vehicle processor in the United States, handling over two million vehicles each year. The new facility at the Bayonne Maritime District site will allow us to significantly expand our presence in one of America’s most important port-side automotive markets. We are very pleased that the BLRA gave us the opportunity to work with them on this important project, both for the economic benefits to the City of Bayonne and the entire region as well as to continue our 95 year old partnership with Bayonne well into the future.”
The purchase is not without controversy. Reports are that in September the BLRA had reached an agreement to sell the site to the Port Authority of New York/New Jersey for $50.5 million. Saying that when the initial sale was made there hadn’t been sufficient public meeting notice given, the BLRA voted to void it. The Port Authority is suing in an attempt to force the BLRA to live up to its original deal.