The Roxy at 201 Cornelison Ave. in Jersey City — Courtesy: JLL
By Joshua Burd
A piece of a landmark residential complex in Jersey City is on the market for sale, benefiting from a series of updates that have refreshed the property for a new crop of renters.
According to JLL, which represents the would-be seller, the 62-unit building at 201 Cornelison Ave. is currently 95 percent occupied with a mix of studio, one-bedroom and two-bedroom floorplans. The property known as The Roxy underwent extensive renovations from 2022 to 2024, the brokers said, bringing a modern feel while highlighting its signature art deco design.
Built in the 1930s, the building was once part of the sprawling residential property known as The Beacon, which occupies the historic structure that housed Jersey City Medical Center. Notably, The Roxy’s average in-place rents of $3.32 per square foot are 16 percent below market rents in Jersey City’s McGinley Square section and a 52 percent discount to the Hudson waterfront.
“The Roxy offers investors the unique opportunity to acquire a 100 percent market-rate apartment complex in the premier McGinley Square neighborhood with significant mark-to-market upside,” the JLL team, which includes Steve Simonelli, Mike Oliver, Elizabeth DeVesty, Jose Cruz and Austin Pierce, wrote in its recent marketing materials. Jersey City has averaged 4.4 percent year-over-year rent growth over the past five years, the brokers said, while the submarket has absorbed more than 12,000 units.
The firm added that the building has open-concept layouts, 13-foot ceilings, hardwood flooring and contemporary kitchens. Residents, meantime, have access to amenities such as a high-end fitness center, a lounge and rooftop terraces with Manhattan views.
Ownership also offers shuttle service to the Grove Street and Exchange Place PATH stations, providing renters with easy access to downtown Jersey City, Journal Square and a 15-minute commute to New York City. Interstate 78 is less than a mile away.
