Jersey City residential tower experiencing a leasing rush

Joshua Burd//March 22, 2016//

Jersey City residential tower experiencing a leasing rush

Joshua Burd//March 22, 2016//

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In a market that has become flush with high-end luxury apartments, a new residential tower in Jersey City is raising the bar for leasing velocity on the Gold Coast.

The 50-story property, 70 Columbus, has leased 60 percent of its 545 rental units since opening four months ago, according to developers Ironstate Development Co. and Panepinto Properties. That represents an average of roughly 80 units per month for the property, which sits at the entrance of the Grove Street PATH station.

Typical leasing velocity for a new building in the region is 25 to 30 units per month, according to The Marketing Directors, the leasing and marketing agent for 70 Columbus. The owners of the property say it has attracted residents from both sides of the Hudson River.

“Jersey City has become far more than just a value alternative to Manhattan and Brooklyn, and today is flourishing with new restaurants, culture and street life that foster a vibrant, urban lifestyle experience,” Michael Barry, president of Ironstate Holdings, said in a prepared statement. “Our location at the entrance of the Grove Street PATH Station offered an opportunity to create something modern, innovative and design-driven that would resonate with the growing resident base and become an asset to the City. It’s great to see that vision become a reality.”

It’s one of the latest buildings to open in the red-hot multifamily market along the Hudson waterfront. Jersey City has the biggest construction pipeline of any municipality in the state, driven mostly by the developers that have flocked there in recent years.

Ironstate and Panepinto tapped Gwathmey, Siegel, Kaufman Architects to design 70 Columbus with a contemporary look, including dramatic window-bay columns that project from the building. The windows maximize unobstructed views of the Hudson River, downtown Manhattan and the Statue of Liberty.

Other features include a full-time attended lobby with fireplace lounge, a resident lounge and a children’s playroom, all with complimentary Wi-Fi, according to a news release. Residents also have access to a 60,000-square-foot landscaped roof deck with a pool and private daybeds, a sport court and other amenities.

The property, meantime, has street-level retail space with a 30,000-square-foot Base Gym and a soon-to-open market that will offer natural and organic foods. The complex also has on-site parking.

“Seventy Columbus has proven to be the most sought-after residential property in Jersey City,” said Jacqueline Urgo, president of The Marketing Directors. “It has significantly elevated this vibrant neighborhood to a new standard while providing a fresh and creative new lifestyle choice for residents.”

Monthly rents for the building start at $2,410 for studios, $2,850 for one-bedroom apartments and $3,950 for two-bedroom residences, the news release said.