Rockpoint, Urby Team Up to Build in Booming Jersey City
A hot new bombshell has entered the Jersey City development villa.
Boston-based Rockpoint and local developer Urby formed a joint venture for a massive development on the city’s waterfront, the Commercial Observer reported. The project is part of a larger three-tower multifamily complex along the Hudson River.
Rockpoint and Urby acquired the site at 201 Hudson Street from Brookfield for an undisclosed price. Newmark’s Adam Spies, Adam Doneger and Michael Collins advised the buyers in the deal.
The joint venture is already in the market for construction financing. The partners are seeking $267 million to support the project, according to an offering memorandum.
The “201 Hudson — by Urby” development will include 748 market-rate units, 102 parking spaces, 10,000 square feet of retail space and a range of amenities. The property is within close proximity to the local PATH stations, the NJ Transit line and the ferry, meaning residents will be able to quickly get into Manhattan.
The development is expected to take three years to complete.
Urby already has one building complete as part of the larger three-building development, according to Rockpoint chief operating officer Dan Domb. The third building doesn’t include Rockpoint’s involvement at this time.
Rockpoint’s other activity in Jersey City includes the acquisition of Embankment House in 2023 and the purchase of Morgan Provost Square on the waterfront last year.
“We say we like Jersey City, but we don’t like all of Jersey City,” Domb told the Observer. “We like the waterfront submarket, which is about 10 percent of the land mass and 35 percent of the rental base.”
Even if it’s only partial, Rockpoint’s belief in Jersey City is shared widely among developers as it booms, referred to occasionally as a sixth borough of New York City.
This week, the Namdar Group secured $180 million in debt from Affinius Capital for its project at 35 Cottage Street in the Journal Square neighborhood. The refinancing will support the 27-story, 564-unit luxury multifamily property.
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