Jersey City rentals fly off the market

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]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Barnet Liberman and 421 Hudson Street (Getty; Apartments)
Creditors want Printing House condos from bankrupt Barnet Liberman
Creditors want Printing House condos from bankrupt Barnet Liberman
Lionheart's Ophir Sternberg with 24-26 West 9th Street
Lionheart nabs Greenwich Village apartment building for $42M
Lionheart nabs Greenwich Village apartment building for $42M
(Getty; Illustration by The Real Deal)
Luxury amenities are coming to a home near you
Luxury amenities are coming to a home near you
(Getty)
Jersey City has metro area’s fastest rising rent
Jersey City has metro area’s fastest rising rent
From left: CIM Group's Shaul Kuba, Avi Shemesh, and Richard Ressler (Photo Illustration by Steven Dilakian for The Real Deal with Getty, CIM Group, and LoopNet)
CIM’s favorite customer: CIM
CIM’s favorite customer: CIM
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...