Jersey City Urby at 200 Greene St. in Jersey City — File photo
By Joshua Burd
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 earlier this week, 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 flagship 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 said. “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.”
The cantilevered high-rise, which houses a mix of studio, one-bedroom and two-bedroom apartments, has amenities such as a modern fitness 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 new Urby developments, including the adjacent residential tower in Jersey City, as well as projects in D.C. Yards, Hoboken and Miami.”
