The saying “If you build it, they will come” certainly rang true for Jersey City luxury development last year. A newly released report from The Marketing Directors (TMD) shows significant activity in both the sales and rental markets.
The Marketing Directors — a leading national development advisory and master property marketing and sales company that works exclusively on behalf of owners and builders — is in the unique position to provide insights into activity in the new development market.
“The sales and leasing success at these eight properties during 2018 confirm that people are still looking at Jersey City as a viable option to live, work and play,” said Jacqueline Urgo, president of The Marketing Directors. “Last year, we also introduced two new condominiums to Jersey City, which was a missing market for those looking to put down roots in the area.”
According to the report, TMD leased over 2,000 apartments in Jersey City alone in 2018, including the full lease-up of Journal Squared, Vantage, and Trump Bay Street.
Three other properties are still actively leasing and have shown strong numbers as well.
- KRE Group’s 485 Marin launched leasing in June 2018 and by the end of the year was 94 percent leased.
- Liberty Harbor’s newest building 333 Grand launched in July and by year’s end, 90 percent of its 221 homes were leased.
- 90 Columbus, which began leasing in September, finished the year out 45 percent leased, with 240 of its 539 rentals spoken for.
On the sales front, activity is just as robust. As the exclusive marketing agent for two of downtown Jersey City’s newest condo projects, the company sold more than 400 condominiums in 2018, totaling nearly $390 million in sales.
Park and Shore finished out the year with over 50 percent of its 429 homes sold.
New Jersey’s tallest tower, 99 Hudson, has seen similarly strong sales. The TMD team has sold an average of 12 homes a month, totaling $157 million in sales, including the two highest priced penthouse sales in Jersey City history, for a record-breaking $1,775 per square foot.
