Coldwell Banker Commercial Broker Completes $19.95 Million Redevelopment Site Sale in Jersey City’s Marion Section
New redevelopment plan will bring mixed-income housing, resident amenities, and public open space to the neighborhood.
JERSEY CITY, N.J. (September 1, 2026)- Coldwell Banker Commercial Realty broker Jim Pompa has completed the $19.95 million off-market sale of a redevelopment site at 166 Van Wagenen Ave. in JerseyCity’s Marion section. Pompa represented both the seller, Park Stone Management, and the buyer, GNDJSQ Holdings, in the transaction, which closed in July 2026.
Following the acquisition, GND JSQ Holdings created a new redevelopment plan for the property and secured municipal approvals for a project featuring 321 mixed-income apartments, including affordable units. The approved plan also includes structured parking, resident amenities, and publicly accessible open space.
“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.
The off-market transaction highlights the ongoing evolution of the Marion section as developers seek strategically located opportunities beyond Jersey City’s Journal Square core. The newly approved redevelopment plan is expected to add housing, amenities, and publicly accessible open space as the neighborhood continues to revitalize.
Jersey City’s strong redevelopment momentum continues to attract investment from developers seeking opportunities in well-connected, growing communities. The sale of 166 Van Wagenen Ave. demonstrates how strategically located sites can support long-term investment and contribute to meaningful neighborhood improvements.
For more information about this transaction, contact Jim Pompa at jim@vuerealtygroup.com.
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