Developer buys multifamily development site in Guttenberg, CBRE says

October 13, 2026 - 18:13

AIRN Management has finalized the sale of a multifamily development site in Guttenberg, closing out a lengthy liquidation process tied to a portfolio that once belonged to a local developer whose legal troubles brought the holdings down.

The buyer's identity and the exact sale price were not immediately disclosed. The transaction was confirmed by CBRE, which handled the deal. The Guttenberg parcel had been part of a larger collection of properties that spent years working through the courts and the market after the original owner's downfall.

The site sits in a Hudson County town that has drawn steady interest from builders looking to add density near the waterfront and along the Hudson-Bergen Light Rail line. Guttenberg's small footprint and transit access have made it a target for multifamily projects even as some neighboring markets cool.

Brokers involved in the sale described the closing as the final piece of a drawn-out effort to unwind the portfolio. The process involved multiple properties, several buyers, and a timeline stretched by litigation and market shifts.

With the Guttenberg sale complete, the remaining assets from the original portfolio have now been distributed. It was not clear when construction on the site might begin or what scale of development the new owner intends to pursue.