Jersey City rentals fly off the market

TRD New York /
Sep.September 02, 2011 02:56 PM

Rental apartments at two new 50-story towers in Jersey City are being snatched up at the rate of more than 100 a month despite highly competitive pricing, the New York Times reported.

“We’ve been leasing at the fastest pace I’ve ever experienced in my entire career,” said Carl Goldberg, a managing partner of the Roseland Property Company, which is handling leasing at Monaco Towers at Jersey City’s 435 Washington Boulevard.

Roseland may be offering two free months’ rent with a 14-month lease, Goldberg said, but that doesn’t account for the properties’ success.

“The rents are as high as residential rents have ever been, up to $41 per square foot for the premium units, and people are eating it up,” he said. “We rented 370 apartments in three months,” from mid-May to mid-August.

It’s a pattern that other companies are seeing.

The rental market is “very tight, very hot,” said Martin Brady, vice president of sales at the Marketing Directors. “We rented 348 homes at 225 Grand” in Jersey City, an Ironstate Development building, “in under 10 months,” Brady said. “At the Berkshire,” another Ironstate property, in Hoboken, “we rented 90 homes in under four months.” [NYT]

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