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Commercial
New York

Ironstate’s 90 Columbus 75% leased after 5 months on Jersey City market

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Ironstate Development and Panepinto Properties’ 539-unit luxury apartment development at 90 Colombus in downtown Jersey City recently hit the 75 percent leasing mark, NJBIZ reported. The 51-story tower located steps from the Grove Street PATH station achieved that stabilization milestone on April 30 after a five-month leasing effort, according to ROI-NJ, which noted that leasing began in October 2018. The development is the fourth tower and final phase of Panepinto’s “Colombus Collection,” which consists of 1,484 rentals, a hotel, parking and retail space. The project’s developers secured a five-year tax abatement for the site in 2016. According to RE-NJ, Panepinto acquired the 6.4-acre site, a former rail yard, in 1998 from the Port Authority of New York and New Jersey. In 2007, Panepinto and Ironstate opened 50 Columbus and introduced 400 units to the local housing stock. Another 50-story residential tower, the 454-unit 70 Columbus, opened in 2015. [NJBIZ]