A shovel-ready development opportunity has hit the market in the highly supply-constrained Jersey City Heights neighborhood. Commercial real estate brokerage firm Marcus & Millichap announced the exclusive listing for sale of 216 Palisade Avenue, a fully approved parcel slated for a 10-story, age-restricted multifamily building.
The 0.15-acre development site is priced at $4 million, which breaks down to roughly $78,000 per buildable unit. The approved architectural plans outline a 51-unit senior housing community restricted to residents aged 62 and older.
The exclusive marketing campaign is being led by Devin Perez, Christopher Gerena, Alan Cafiero and Dean Matuszewicz out of Marcus & Millichap’s New Jersey office.
The planned structure encompasses 35,657 rentable square feet and is tailored to active adults seeking to downsize while maintaining an urban lifestyle.
“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, long-time Jersey City residents and seniors seeking urban walkability, all in a market where new supply has not kept pace.”
The mid-rise development plan maximizes its tight footprint with modern transit solutions and upscale communal infrastructure.
The building’s premium amenity layout and residential design specs include:
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The Blueprint: A 10-story building featuring an efficient 699-square-foot average unit layout size across the 51 residences.
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Transit & Parking: An 11-space on-site parking garage outfitted with mechanical vehicle lifts, dedicated electric vehicle (EV) charging stations, and ADA-compliant spaces.
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Wellness Spaces: A state-of-the-art fitness center on the second floor, automated bicycle storage rooms, and an expansive shared rooftop amenity deck.
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Premium Exposure: Select rear-facing units will feature private balconies showcasing unblocked, panoramic views of Downtown Jersey City and the Manhattan skyline.
The parcel sits inside Jersey City’s designated Medical District, directly midblock between Cuneo Place and Hill Street. This specific zoning places future senior residents within immediate walking distance of prominent neighborhood healthcare facilities, local retail corridors, and public parks.
For regional commuting, the site is positioned close to the Hoboken PATH station, Interstate 78, Route 495, and the New Jersey Turnpike—making it an attractive draw for active seniors who require direct, fluid connectivity to Manhattan and the surrounding metropolitan area.
Upon complete construction and tenant stabilization, the completed development is conservatively projected to generate approximately $1.24 million in net operating income annually.
