Niket Patankar And Anuj Parmar Acquire Jersey City Development Site From Parkstone Management For $19.95M

The property asset involved in the transaction is located at 166 Van Wagenen Ave in Jersey City. It is categorized as a development site, encompassing a total square footage of 35,000. The sale price for the property was established at $19,950,000, equating to a price per square foot of $570.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $19,950,000
• Address: 166 Van Wagenen Ave
• Market: Jersey City
• Square Footage: 35,000
• Price Per Square Foot: $570
• Buyer: Niket Patankar & Anuj Parmar
• Seller: Parkstone Management
• Broker: Jim Pompa - Coldwell Banker Commercial

The individuals involved in the transaction include buyers Niket Patankar and Anuj Parmar, who have acquired the property from the seller, Parkstone Management. Jim Pompa, representing Coldwell Banker Commercial, acted as the broker for this transaction. GND JSQ Holdings advanced a comprehensive redevelopment plan for the property, which received municipal approvals for a 321-unit mixed-income residential development that includes an affordable housing component, structured parking, resident amenity space, and publicly accessible open space.