An approved high-rise on the west side of Jersey City has taken a notable step toward breaking ground after the sale of a Marion redevelopment site was finalized.
Coldwell Banker Commercial Realty broker Jim Pompa announced he completed the $19.95 million off-market sale of 166 Van Wagenen Avenue. Pompa represented both the seller, Park Stone Management, and the buyer, GND JSQ Holdings, in the transaction, which closed earlier this summer.
Jersey Digs reported on approvals last year for the property, which currently consists of a vacant warehouse and the surrounding overgrown lots along trackage for the PATH train. The structure at the site once housed a company called Morris Struhl Incorporated, a manufacturer of small electric appliances whose name can still be seen on the building.
All of that is slated to meet the wrecking ball, making way for a slender 15-story development that will top out at 175 feet tall.
“This transaction reflects the continued strength of Jersey City’s redevelopment market and growing demand for well-located development opportunities beyond the traditional waterfront,” said Pompa. “Off-market site sales require local market expertise, creativity, and the ability to align the interests of multiple parties. I was proud to represent both Park Stone Management and GND JSQ Holdings in bringing this transaction to a successful closing.”
Designed by Minno Wasko, 166 Van Wagenen Avenue will include 321 residential units: 76 studios, 164 one-bedrooms, 74 two-bedrooms, and seven three-bedroom spaces. The project includes a 10% affordable housing component and will create 32 units for lower-income households.
166 Van Wagenen includes a slew of amenities for future residents, including an indoor rooftop space, an outdoor pool deck, and another rooftop sun deck. A 123-space parking garage will be located on the first two floors of the property, and the 20-foot grade change will have the effect of hiding the parking garage from the street level on Tonnelle Avenue.
The development will sport a grand three-story lobby supported by columns set to extend over a new public space. The 3,925-square-foot plaza will be located just north of the existing Gloria Taqueria & Deli building and will feature a wall, seating areas, and natural shade from the building’s design.
The project also includes two underground flood detention systems and will use brick veneer and composite panels for a decidedly modern exterior.
Coldwell Banker says the off-market transaction highlights the Marion neighborhood’s ongoing evolution as developers seek strategically located opportunities beyond Jersey City’s Journal Square core. Despite the property sale’s finalization, the project’s potential groundbreaking timeline has not been announced.
