Page 8 - RE-NJ

6 MAY 2025
VERIS TWEAKS PORTFOLIO WITH
DEALS IN JERSEY CITY, WALL TWP.
Veris Residential Inc. is now the
sole owner of a distinctive 762-unit
apartment tower in Jersey City after
acquiring Ironstate Holdings’ 15
percent stake in the building.
The real estate investment trust,
which is based in the city, said it paid
$38.5 million for the Jersey City Urby
property at 200 Greene St. Upon the
close of the transaction in late April,
the company assumed management of
the building and rebranded it as Sable.
The deal comes eight years after
the completion of the project by
Veris Residential’s predecessor
company, Mack-Cali Realty Corp., and
Ironstate as part of a plan to bring
luxury housing to the REIT’s fl agship
Harborside complex along the Hudson
River.
“The consolidation of Veris
Residential’s ownership of Sable
represents an exciting milestone for
our company
as we continue
to simplify
our portfolio
while accreting
earnings through
strategic capital
allocation,” Veris
CEO Mahbod Nia
Mahbod Nia
said. “In addition
to attracting strong demand given its
expansive views, premium amenities
and convenient waterfront location
facing Manhattan, the property fi ts
seamlessly into our high-quality, Class
A managed multifamily portfolio.”
The cantilevered high-rise, which
houses a mix of studio, one-bedroom
and two-bedroom apartments, has
amenities such as a modern fi tness
center, a yoga studio, a heated rooftop
pool, a reservable kitchen, a resident
lounge and dog recreation space,
according to a news release. It is
also home to several retail tenants,
including Canard Cafe, Japanese
restaurant DOMODOMO and skincare
company Glowbar, while residents are
steps from the Exchange Place PATH
station and the Hudson-Bergen Light
Rail’s Harborside station.
“Our purposeful rebrand of Jersey
City Urby to Sable ensures the
property best aligns with Veris
Residential’s brand ethos while
continuing to deliver the exceptional
resident experience we and Urby
have cultivated to date,” Nia added.
“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 property, one of the most
recognizable pieces of the Jersey City
skyline since it opened, also helped
launch the Urby brand and set the
stage for its expansion to other cities
in New Jersey and nationwide.
“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
David Barry
new Urby
developments, including the adjacent
residential tower in Jersey City, as well
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Jersey City Urby at 200 Greene St. in Jersey City
as projects in D.C. Yards, Hoboken and
Miami.”
In a separate deal announced in
April, the REIT sold 47 acres in Wall
Township to Lennar Corp., paving the
way for a project that will bring nearly
300 new townhouses to the site.
Brokers with JLL noted that the tract,
located at 1452 Route 34, is approved
for the construction of 228 market-rate
duplexes and 68 affordable triplex
homes. Plans also call for amenities
such as private recreational facilities,
a clubhouse and a swimming pool,
while residents will have easy access
to downtown Wall, the Jersey Shore
Premium Outlets and nearby beaches.
JLL Senior Managing Director
Jose Cruz and Senior Director
Ryan Robertson, along with senior
managing directors Steve Simonelli
and Michael Oliver and directors
Elizabeth DeVesty and Austin Pierce,
represented Veris in the sale. The real
estate investment trust noted in its
recent quarterly earnings report that it
sold the property for $31 million.
“This transaction highlights the
continued demand for well-located
residential development opportunities
in affl uent submarkets,” Cruz said.
“The site’s proximity to the Jersey
Shore, coupled with its approved
plans for a mix of market-rate and
affordable housing, made it an
attractive investment for Lennar
Corporation.”
JLL noted that the site is just a mile
from the Garden State Parkway,
adding that Wall Township boasts
a strong demographic profi le with
an average household income of
$170,072. The area has seen steady
population growth of 5.5 percent over
the past decade and is projected to
continue growing through 2028, the
brokerage team added.
“The demand and ultimate pricing we
saw for the site continues to highlight
the competitive pricing within New
Jersey’s for-sale development market,”
Robertson said. “We anticipate
investors will continue to aggressively
pursue approved developments within
the residential home building sector
as demand continue to outstrip supply
for the foreseeable future.’