One of the largest developments in the Jersey City skyline has a new name and a new majority owner as Veris Residential has acquired a larger stake in the 69-story tower formerly known as Urby.
Veris Residential has acquired Ironstate Holdings’ 15% stake in the Jersey City Urby development, a 762-unit development at 200 Greene Street. Developed in 2017, the cantilevered high-rise offers a mix of studios, one-bedroom, and two-bedroom apartments and is equipped with amenities like a state-of-the-art fitness center, yoga studio, heated rooftop pool, reservable kitchen, resident lounge, and dog recreation space.
The total price paid for the acquisition was $38.5 million, excluding transaction costs but including consideration for the termination of Urby’s management contract. Upon the close of the transaction on April 21, Veris Residential assumed management of the property and has renamed it Sable.
“The consolidation of Veris Residential’s ownership of Sable represents an exciting milestone for our Company as we continue to simplify our portfolio while accreting earnings through strategic capital allocation,” commented Mahbod Nia, Chief Executive Officer of Veris Residential.
“In addition to attracting strong demand given its expansive views, premium amenities and convenient Waterfront location facing Manhattan, the property fits seamlessly into our high-quality, Class A managed multifamily portfolio.”
Sable is also home to several retail tenants including Canard Cafe, the acclaimed Japanese restaurant DomoDomo, and skincare company Glowbar. The development is located just a few blocks from the Exchange Place PATH station and directly adjacent to the Harborside station on the Hudson Bergen Light Rail.
While Ironstate no longer is involved with the property at 200 Greene Street, they still have a looming stake in the neighborhood. The company won new approvals last year to redevelop a parking lot across the street into a two-tower mixed-use Urby project as a joint venture with Roseland Residential Trust.
That future complex is slated to consist of two 69-story high rises containing a total of 1,510 residential units. A combined 32,000 square feet of retail space on the ground floor will be included on the ground floor of the complex, while an existing plaza next to the parking lot is slated to get a bunch of improvements.
“We are proud of the building and lifestyle we created at Jersey City Urby, and the role the property has played in growing Urby into the strong, future-forward brand that it is today,” said David Barry, CEO and Founder of Urby. “We wish Veris continued success and remain focused on advancing new Urby developments, including the adjacent residential tower in Jersey City, as well as projects in D.C. Yards, Hoboken, and Miami.”
While Ironstate has not released a timeline as to when the two-tower Jersey City project could break ground, the company recently launched another Urby within Jersey City inside the Journal Square neighborhood. The 25-story building is currently offering tours and is slated to house a new restaurant called BRBQ from the team behind the acclaimed DomoDomo.
