{"id":356173,"date":"2026-09-24T23:24:22","date_gmt":"2026-09-24T23:24:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/356173\/"},"modified":"2026-09-24T23:24:22","modified_gmt":"2026-09-24T23:24:22","slug":"jersey-citys-bergen-arch-plaza-site-sells-for-26-million","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/356173\/","title":{"rendered":"Jersey City\u2019s Bergen Arch Plaza Site Sells for $26 Million"},"content":{"rendered":"<p>         <img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-100222\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/09\/414-hoboken-ave-land-1024x576.jpg\" alt=\"Default\" width=\"696\" height=\"392\"  \/>Almost an acre of land in Jersey City\u2019s Journal Square has been purchased by Long Island-based Namdar Group. Image courtesy GRID Real Estate.<\/p>\n<p>A large vacant parcel in Jersey City\u2019s booming Journal Square neighborhood has changed hands and has a new plan in the works after development stalled at the site over the last half-decade.<\/p>\n<p>GRID Real Estate recently announced the $26 million sale of Bergen Arch Plaza, a mixed-use development site at 414\u2013432 Hoboken Avenue. The firm was the site\u2019s exclusive marketer, and Namdar Group purchased it.<\/p>\n<p>The properties, which span just under an acre, included an abandoned house and two vacant structures formerly home to a vehicle repair facility and Corte &amp; Co. Sausage Manufacturers, which operated out of the property for almost 70 years. All the structures at the site have since been demolished.<\/p>\n<p>A two-story tower development was <a href=\"https:\/\/jerseydigs.com\/jersey-city-approves-two-tower-development-414-hoboken-avenue\/\" rel=\"nofollow noopener\" target=\"_blank\">approved<\/a> for the property back in 2020 but never came to fruition. It called for a pair of 28-story residential towers connected by a breezeway, with a 5,500-square-foot public plaza between the two structures.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-39854\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/09\/Bergen-Arch-Plaza-414-432-Hoboken-Avenue-Jersey-City-2-1024x725.jpg\" alt=\"Bergen Arch Plaza 414 432 Hoboken Avenue Jersey City 2\" width=\"696\" height=\"493\"  \/>The approved plan for Bergen Arch Plaza. Rendering via LWDMR Architects.<\/p>\n<p>The development, which would have overlooked and provided access to the historic Bergen Arches at what\u2019s known as the Erie Cut, totaled 524 residential units, split between a 367-unit west tower and a 157-unit east tower.<\/p>\n<p>GRID\u2019s Bob Antonicello led the transaction with Chris Vitiello and Bobby Antonicello Jr. The company says the property, which falls within the Journal Square 2060 Redevelopment Plan, is now going through Planning Board review.<\/p>\n<p>\u201cNow in its 16th year, the Journal Square 2060 Redevelopment Plan continues to show strength and growth in the CBD,\u201d said Bob Antonicello, Principal of Grid Real Estate. \u201cThe Bergen Arch Plaza site represented a rare opportunity to acquire a high-quality site adjacent to the future Bergen Arch\u2019s Park. This sale reflects the continued strength of developer demand for high-quality, transit-oriented development sites within the Journal Square 2060 Redevelopment Plan.\u201d<\/p>\n<p>Bergen Arch Plaza was one of the last fully entitled Journal Square sites that does not carry a mandatory affordable housing set-aside, as the original site plan was approved before Jersey City\u2019s inclusionary housing ordinance was <a href=\"https:\/\/jerseydigs.com\/jersey-city-introduces-new-inclusionary-housing-ordinance\/\" rel=\"nofollow noopener\" target=\"_blank\">passed<\/a>.<\/p>\n<p>Namdar Group has a huge presence in Jersey City, developing many towers in the Journal Square area. Their latest endeavor, the 1,590-unit Park Tower, recently <a href=\"https:\/\/jerseydigs.com\/park-tower-jersey-city-construction-loan\/\" rel=\"nofollow noopener\" target=\"_blank\">nabbed<\/a> a $390 million loan for its construction.<\/p>\n","protected":false},"excerpt":{"rendered":"Almost an acre of land in Jersey City\u2019s Journal Square has been purchased by Long Island-based Namdar Group.&hellip;\n","protected":false},"author":2,"featured_media":356174,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[132692,132693,11250,132694,102103,9,11,10],"class_list":["post-356173","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-414-432-hoboken-avenue","tag-bergen-arch-plaza","tag-journal-square","tag-lwdmr-architects","tag-namdar-group","tag-new-york","tag-new-york-headlines","tag-new-york-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/356173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=356173"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/356173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/356174"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=356173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=356173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=356173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}