Like the ‘49ers back in the day, who set out on a quest for glittering precious metals, New Yorkers are increasingly heeding the call to “go west,” this time around heading to New Jersey’s Gold Coast, where they’re prospecting for bigger homes at more reasonable prices per square foot.
In our inaugural New Jersey Market Report, we cross the Hudson in hot pursuit of those in the real estate industry who have followed the rush of homebuyers, renters and investors to Northern New Jersey, hoping to find some nuggets of success along the river’s shores.
Both new brokerages and established ones, like Douglas Elliman, are opening new offices or looking at expanding their footprint in the region. And while the pricing of real estate in the area may be a bargain compared to what buyers are seeing in Manhattan and Brooklyn, brokers are seeing record-breaking sales in counties including Hudson, Bergen and Essex.
Speaking of that über-popular other borough, we’ve found yet another “new Brooklyn” to add to the growing (and growing) list: Jersey City. We look into the emerging cultural zone there on page 14, and in our Q&A with Jonathan Kushner, he talks about the gigantic new development he’s building in the city, Journal Squared. His company, Kushner Real Estate Group, ranks #2 in our list of top Hudson County developers.
And, for a lighter read, we look at the celebs buying and selling Jersey real estate, including Sean Combs and “The Real Housewives of New Jersey” star-turned-jailbird Teresa Giudice.
We hope you enjoy the issue!