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Tri-State

$4.4M condo sale breaks Jersey City record

99 Hudson Street tower set city’s previous record

99 Hudson Street in Jersey City, NJ (99 Hudson Living)
99 Hudson Street in Jersey City, NJ (99 Hudson Living)

A record condo closing at 99 Hudson Street in Jersey City has been eclipsed by another record sale in the same building.

The penthouse apartment on the 76th floor of the 79-story building recently sold for more than $4.4 million, marking a record for the city, according to 6sqft.

The recently sold penthouse spans 2,500 square feet, plus 655 square feet across two terraces, 6sqft reports. The penthouse is the largest unit in the building.

The previous record for a Jersey City condo close was also at 99 Hudson Street, where a unit sold in April for $3.9 million. That penthouse was delivered in “white box” condition, meaning it was essentially a blank slate.

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“The recent Penthouse closings, combined with the robust sales activity we’ve achieved across the spectrum at 99 Hudson, speaks volumes about the appeal of this extraordinary residential building and the confidence buyers have in its enduring quality and value,” Jacqueline Urgo, president of the building’s marketing and sales agent, told 6sqft.

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China Construction America bought the development site from Hartz Mountain Industries and Roseland Property Company for $71 million in 2013. Shortly thereafter, Perkins Eastman was brought on as the designer for the building, creating the tallest residential building in the state.

The almost 900-foot building was constructed between 2016 and 2019, delivering 780 condo units to the area, which sits a short trip from Manhattan. Building amenities include the largest residential pool in the state, grilling areas, a playground and a dog run. There is also a fitness center with a yoga and Pilates studio, hot tub and steam room.

Jersey City last year was deemed the country’s ninth-most expensive metropolitan, per Apartment Guide, after the city saw the price of a one-bedroom apartment increase by nearly 7 percent over the last year.

In Hudson County, which includes Weehawken, Hoboken and Jersey City, a tenant on minimum wage with 30 percent dedicated to rent would have to work 126 hours each week a to afford a two-bedroom apartment, according to data in the National Low Income Housing Coalition’s 2021 Out of Reach report reported by NJ.com.

Sixty-eight percent of Hudson County households are renters, whom NJ.com reports could be squeezed out of the market as rents rise to new levels.

[6sqft] — Holden Walter-Warner

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Condo MarketJersey City