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After consolidating its majority stake in Jersey City Urby, Veris Residential Inc. has taken over management of the building, newly renamed Sable.

The locally based Class A multifamily REIT announced its acquisition of Ironstate Holdings‘ 15% stake in the 762-unit property located along the Hudson River waterfront April 22. According to the buyer, the $38.5 million price point excludes transaction costs, but includes consideration for the termination of Urby’s management contract and annual tax credit.

Veris Residential said it assumed management of the property located at 200 Greene St. upon the transaction’s close April 21.

CEO Mahbod Nia said the company’s consolidation of ownership represents a milestone for Veris Residential “as we continue to simplify our portfolio while accreting earnings through strategic capital allocation.

“In addition to attracting strong demand given its expansive views, premium amenities and convenient Waterfront location facing Manhattan, the property fits seamlessly into our high-quality, Class A managed multifamily portfolio.”

In its annual filing with the U.S. Securities and Exchange Commission for the end of 2024, Veris Residential reported an 85% ownership stake in Urby Harborside, Bloomberg noted before the deal’s close was announced. The property was 94.4% occupied as of the end of 2024, according to the From 10-K. Citing a person familiar with the situation, Bloomberg reported the deal valued the now Sable building at about $430 million.

“We look forward to leveraging Veris Residential’s best-in-class, vertically integrated operational platform and area-focused management model across all of our Jersey City properties to realize synergies, creating value for our stakeholders,” the company said.

Before consolidating ownership in Jersey City Urby, Veris reported 3,639 total apartment units along the Jersey City Waterfront in its annual report.

Welcome home

Developed in 2017, Jersey City Urby stands 69 stories and offers a mix of studios, one – and two-bedroom apartments. Veris also highlighted the high rise’s amenity package. Perks include a fitness center, yoga studio, heated rooftop pool, reservable kitchen, resident lounge and play area for dogs.

On-site retail tenants include Canard Cafe, Japanese restaurant DOMODOMO and Glowbar. The Exchange Place PATH and Harborside Light Rail stations are within walking distance.

“We are proud of the building and lifestyle we created at Jersey City Urby, and the role the property has played in growing Urby into the strong, future-forward brand that it is today,” said David Barry, CEO and founder of Urby. “We wish Veris continued success and remain focused on advancing new Urby developments, including the adjacent residential tower in Jersey City, as well as projects in D.C. Yards, Hoboken and Miami.”