‘Jenga-like’ Jersey City Urby Leasing Quickly, Achieves Record Price Per Square Foot

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jersey city urby leasing activity rate 2017
Photo by Eric Medsker

Mack-Cali subsidiary, Roseland Residential Trust, released its 2017 first quarter activity report. Included in the release, were some telling insights into the leasing activity surrounding the company’s most-recent residential development, Jersey City Urby.

Standing distinctively, the ‘jenga-like’ highrise tower has drawn curiosity from passersby since it began rising nearly two years ago. Last month, we gave readers an inside look at the newly opened rental building. As with all new openings, the question of how it has been received by prospective residents can offer insights into the success of the project.

Well, according to the first quarter report, since launching, Jersey City Urby is leasing, on average, 140 units per month. In just the first two months, the project hit 38% leased or 286 units. It’s not only the project’s momentum that’s telling, Roseland raised rents three times so far at Urby and are now averaging over $55 per square foot. A slight, but significant uptick from the $50 record per square foot that 70 Columbus achieved during its lease-up.

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For a detailed look at the Jersey City Urby project, check out our write-up here: Compelling Design And Unique Resident Programming Drive Leasing At Jersey City Urby

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1 COMMENT

  1. Recently took a tour of this building. Incredible views, especially from the higher floors. They have a ton of different layouts and square footage to choose from. The agent claimed it was ~75% leased, although not even 50% moved in.

    Each unit made a good use of space and there was lots of built-in storage. Quality, however, was lacking. Inexpensive materials were used throughout, from cabinets to floors to windows. Got the sense that if IKEA ever designed and built a skyscraper, it would look like this. Aesthetically pleasing, but cheap.

    There is secure key fob access to the elevators. Incredibly, they put them behind a single standard-size glass door which will have to handle foot traffic in both directions. This is likely to become a nightmare once the building is fully occupied. Four relatively small elevators may have a tough time keeping up at peak rush hours.

    The amenity floors were okay, although the gym, outside space and pool seem too small too handle a fully active building. There is kitschy decor throughout, they are clearly trying to appeal to a younger, transient demographic that is not accustomed to luxury or owner-quality living space.

    They’re planning two more of these buildings at equal height to be built south of the current once, so be cognizant of southern exposure units. The agent was offering a month free on 13-mo leases and three months free on 27-mo, so effective rents are lower that listed.

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