For its second high-end apartment tower in Jersey City, Hoboken, New Jersey-based developer Urby is joining the explosive growth at Journal Square, a favorite neighborhood for the city’s developers in recent years.
Journal Square Urby, a 25-story tower located across from the Journal Square PATH transit station, is now open for leasing and move-ins, according to a news release shared with Multifamily Dive. Designed by New York City-based HLW and Netherlands-based Concrete Amsterdam, the property is divided into three building masses of varying heights, with an angular two-story lobby at the bottom level.
One full side of the exterior features an expansive 25-story mural by Argentine-Spanish artist Felipe Pantone, made up of bold geometric patterns. The ground-floor lobby includes a public cafe scheduled to open later this year.
Journal Square Urby’s 317 apartments range from studios to one-, two- and three-bedroom units, each equipped with oversized windows, custom blinds, wide-plank floors, upscale finishes and private terraces in select units. Furnished apartments are also available for short-term stays of 28 days or longer.
Amenities include a fitness center and yoga studio with regular classes, a heated rooftop pool, a rooftop garden with grilling stations, an event parlor, coworking spaces and a dog park. The rooftop spaces and many of the apartments offer views of the Manhattan skyline, the Statue of Liberty and downtown Jersey City. Keyless entry and Amazon package lockers are also available.
Hip to be square
Journal Square is home to many new luxury developments either newly opened or in progress, including Journal Squared, developed by Jersey City-based The KRE Group, and 499 Summit Avenue and 3 Journal Square, both developed by Jersey City-based Panepinto Properties.
Record-high rents in New York City have driven inhabitants and newcomers alike to lower-cost areas within commuting distance of the city over the last several years. The average rent for a one-bedroom apartment in New York City is currently $5,421, according to Rent.com data, compared to $3,790 for a one-bedroom in Jersey City — a 30% cost reduction on comparable units.
Journal Square Urby is the second Urby development in Jersey City, following Jersey City Urby in 2017, and the seventh overall, according to the release. The owner-operator also has active properties in Dallas; Stamford, Connecticut; Harrison, New Jersey; Newark, New Jersey; and Staten Island, New York.
Urby projects in development include D.C. Urby in Washington, D.C., Miami Urby in Miami and Fishtown Urby in Philadelphia, opening this fall.
