Another Apartment Building Breaks Ground In Jersey City, This Time From New-To-Market Developer
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The crowded multifamily pipeline in Jersey City just got even busier.
The NRP Group, a vertically integrated developer based in Cleveland, has broken ground on a 131-unit apartment building at 39 New York Ave. in the Coles Street Park neighborhood. The area sits between the Heights neighborhood and the border between Jersey City and Hoboken.
The project, a joint venture with local Hoboken Brownstone Co., is NRP's first in the city. With completion scheduled for 2020, the five-story building will sit on the edge of a cliff overlooking a NJ Transit rail line. The building's position, NRP says, allows even ground-floor units views of Jersey City and New York.
The 131 apartments will be split between 28 studio apartments, 79 one-bedroom and 24 two-bedroom units.
Jersey City has seen thousands of multifamily units deliver in the past two years, with thousands more still in the pipeline. But even though the office market has been soft in the past year or so, rent growth and absorption in apartments has remained strong because of the city's proximity to Manhattan.