Press Releases
Marcus & Millichap Exclusively Lists Fully Approved Development Site in Jersey City
May 19, 2026
JERSEY CITY, N.J., May 19, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing for sale of 216 Palisade Ave., a fully approved development site in the Heights section of Jersey City. The asset is priced at $4 million, or $78,000 per unit, and is approved for a 10‑story, 51‑unit, age‑restricted multifamily building.
“This is a rare opportunity to step into a fully approved senior housing project in the heart of Jersey City Heights,” said Christopher Gerena in Marcus & Millichap’s New Jersey office. “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.”
Marcus & Millichap’s Devin Perez, Christopher Gerena, Alan Cafiero and Dean Matuszewicz are leading the exclusive marketing campaign on the seller’s behalf.
The project totals 35,657 rentable square feet across 51 residences. Planned amenities include a rooftop amenity deck, 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, EV charging and ADA-compliant parking.
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. The development is projected to generate approximately $1.24 million in net operating income upon stabilization.
“This is a rare opportunity to step into a fully approved senior housing project in the heart of Jersey City Heights,” said Christopher Gerena in Marcus & Millichap’s New Jersey office. “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.”
Marcus & Millichap’s Devin Perez, Christopher Gerena, Alan Cafiero and Dean Matuszewicz are leading the exclusive marketing campaign on the seller’s behalf.
The project totals 35,657 rentable square feet across 51 residences. Planned amenities include a rooftop amenity deck, 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, EV charging and ADA-compliant parking.
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. The development is projected to generate approximately $1.24 million in net operating income upon stabilization.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
