Plans for a 0.15-acre site at 216 Palisade Ave. in Jersey City call for a 51‑unit, age‑restricted apartment building. — Rendering courtesy: Marcus & Millichap
By Joshua Burd
A development site with approvals for a 51‑unit, age‑restricted apartment building has hit the market in Jersey City, in a newly announced listing by Marcus & Millichap.
Brokers say the property, 216 Palisade Ave., can support a project with 35,657 rentable square feet and the potential to generate roughly $1.24 million in net operating income upon stabilization, according to a news release. Plans also call for a rooftop amenity deck, a second-floor fitness center, bike storage, private balconies on select rear-facing units with downtown Jersey City and Manhattan skyline views and 11 on-site parking spaces with mechanical lifts, electric vehicle charging and ADA compliance.
Marcus & Millichap’s Devin Perez, Christopher Gerena, Alan Cafiero and Dean Matuszewicz represent the would-be seller and have listed the site for $4 million or $78,000 per unit.
“This is a rare opportunity to step into a fully approved senior housing project in the heart of Jersey City Heights,” Gerena said. “The 62+ product type is highly differentiated, capturing growing demand from local downsizers, longtime Jersey City residents and seniors seeking urban walkability, all in a market where new supply has not kept pace.”
The marketing team added that the 0.15-acre site is within Jersey City’s medical district and benefits from nearby retail, health care and higher education amenities, as well as access to the Hoboken PATH station, Interstate 78 and Manhattan.
