In just four months of sales, the 50-story apartment tower at 70 Columbus in Jersey City leased out 60 percent of its units. And the good news for the team behind the property keeps on coming.
- Apartment tower 90 Columbus landed $155.83 million in financing and the building is slated to be delivered by 2018.
- 70 Columbus is already fully built and recently announced it has secured leases for 60 percent of its units in four months.
- Jersey City's new developments and lower prices compared to New York City are helping boost the area's image to homebuyers and renters.
The team behind the development, which is set to be completed in three phases, announced the adjacent tower at 90 Columbus landed $155.83 million in financing.
Hoboken-based Ironstate Development and Panapinto Properties of Jersey City are partners in the development that offers rental apartments ranging from studios to three-bedroom units, a swimming pool, dedicated children’s play areas, sports and entertainment spaces, a library and residential lounges. The building also features a basketball court and a dog run.
One of the biggest selling points of the building is its sweeping views. The building’s terraces feature nearly unobstructed 270 degrees of the Jersey City waterfront and New York City.
Rents start at $2,410 per month for studio units and reach $3,950 for two-bedrooms at 70 Columbus. And in addition to the in-unit and resident amenities, the current building houses ground-level retail anchored by Sunac Natural Market and a Base Fitness Gym.
Both buildings have received a tax abatement from the City Council of Jersey City, with 70 Columbus’ terms lasting 10 years. The abatement for 90 Columbus lasts only five years.
The rise of Jersey City real estate
The growing prices of Manhattan real estate and rent is leading to an increasing amount of people making the trek to Jersey City for more affordable living. Jersey City saw a 6.7 percent jump in population in 2015 compared with five years prior, accoridng to data from the U.S. Census Bureau.
Over the past few years, Jersey City has seen a slew of new developments pop up throughout town, and with the city’s close proximity to New York, it’s only natural that more New Yorkers are going to considering making the move to the area.
The Waterfront specifically has seen its landscape change dramatically. RentCAFE recently released its list of new developments in Jersey City, noting Marabella II, The One, Monaco South/North, Crystal Point Condos, 225 Grand and the Hudson Greene East Tower/West Tower.