Developers are preparing to unleash a wave of new residential units on the market, and — at least so far — demand is holding steady
This David Bowie mural is part of a collection of Jersey City street art that sources say give the area a trendy urban feel.
Last year, as the potential L train shutdown loomed over Williamsburg, Joelle Chilazi started fielding more calls from worried Brooklyn residents. Then in November, when Amazon announced plans to move to Long Island City (before changing its mind), the Keller Williams agent heard from Queens residents fearing that they’d soon be priced out of their neighborhoods.
On a near daily basis, Chilazi can be found with renters and buyers uprooting from neighborhoods across New York City who are considering a move to上海同城对对碰交友社区 Jersey City. And often, they have one thing in common: They’re searching for bargains.
“About 70 percent of my clients come from the city,” said Chilazi, who recently represented a couple relocating from Harlem who closed on a $1.3 million Jersey City brownstone.
While the Jersey City development story is not a new one, sources said the city has hit a tipping point. And there’s a lot more product coming down the pike.
According to the Marketing Directors, a development advisory firm, over the next three years, 12,058 residential units are scheduled to come online — about 10,000 of them rentals.
But as those projects rise out of the ground, there are some concerns brewing — mainly, can all of that inventory be absorbed, and can the already strained transportation infrastructure handle even more passengers?
Bob Antonicello, president of the boutique brokerage and advisory firm Grid Real Estate, said that offsetting those worries is the fact that Jersey City is attracting younger generations who don’t want to move to the suburbs. Their presence, he said, will “help stabilize the market.”
The murals and graffiti that can be found all over town — much of it commissioned through a city program — have also helped give the area a trendy, urban feel, sources said.
The situation does not appear to be as troubling for developers, lenders and other real estate players in this market as it is in Manhattan and Brooklyn, where prices are higher.
“If I’m building 500 apartments, would I rather only have 500 others to compete with rather than 1,500? Sure,” said Kushner Real Estate Group’s Jonathan Kushner, who is building multiple projects in the area.
“But the market is growing at a healthy rate,” he aded. “It’s not overbuilding to the point of saturation.”
Not surprisingly, much of the new development is clustered in Downtown Jersey City and in新爱上海同城对对碰论坛 the Journal Square area around transit hubs like PATH stations and NJ Transit’s light rail. Ironstate Development Company and Panepinto Properties, for example, have 90 Columbus, which is adjacent to the Grove Street PATH station.
“If you’re directly on top of a transit stop, it’s a lot more desirable,” said Michael Barry, president of Ironstate, w[……]