107 Old Palisade Rd, Fort Lee, NJ 07024

This offering presents a rare R7-A zoned, as-of-right duplex or two-family development opportunity located at 107 Old Palisade Road in Fort Lee, New Jersey. The property is a vacant parcel measuring 100 feet by 62 feet, with no demolition required. Its strategic location is approximately 0.25 miles from the George Washington Bridge, providing convenient access to transportation routes. The R7-A zoning designation permits a variety of residential uses, including two-family detached dwellings, townhouses, row houses, and multifamily residential buildings, subject to the approval of final architectural plans, adherence to bulk requirements, parking compliance, and municipal review.

The proposed concept for this development involves the creation of two distinct, side-by-side luxury residences. Each home is envisioned to be approximately 25 feet wide by 55 feet deep. The conceptual design includes a ground-level garage, with two residential floors situated above. Furthermore, there is potential for the inclusion of rooftop outdoor living space, enhancing the appeal and functionality of the residences. Each residence is conceptually planned to offer approximately 3,625 square feet of living space, with each floor estimated at 1,375 square feet across three levels, accounting for approximately 500 square feet dedicated to garage space per unit.

The property's zoning within Fort Lee's Mid-Rise Residential Zone supports high-density residential development, primarily focusing on mid- to high-rise multifamily apartment buildings. This designation makes it a compelling site for developers looking to capitalize on the area's growth potential. The vacant nature of the parcel simplifies the initial stages of development, allowing for a more streamlined construction process. The proximity to major infrastructure like the George Washington Bridge further enhances its desirability for future residents.

Market analysis based on comparable properties suggests a strong potential for the finished residences. Projections indicate that a completed product of this scale and quality could achieve a resale value of approximately $1,812,000 per residence. This financial outlook underscores the investment potential of this development opportunity. The property is situated in a location that benefits from the established infrastructure and amenities of Fort Lee, making it an attractive site for new residential construction.