Rockpoint, Urby Launch JV for 69-Story Residential Tower on Jersey City Waterfront
Rockpoint, a Boston-based real estate private equity firm, and Urby, a hospitality-driven multifamily developer, formed a joint venture to acquire land and develop a multifamily residential tower on the Jersey City waterfront. Urby will co-manage construction and development, and also oversee property management and leasing alongside Rockhill, Rockpoint’s property services affiliate.
The 69-story building, to be called 201 Hudson – by Urby, will comprise 748 market-rate studio-, one-, two-, and three-bedroom apartments. The project will also include approximately 10,000 square feet of retail and 102 surface parking spaces. It marks the second phase of a three-tower multifamily development master plan.
“The Jersey City Waterfront continues to distinguish itself as one of the most compelling multifamily submarkets in the New York metro area, driven by strong demographic tailwinds, significant public and private investment, and exceptional transportation access to Manhattan,” said Dan Domb, COO at Rockpoint.
Newmark’s co-head of U.S. Capital Markets Adam Spies, executive vice chairman Adam Doneger and managing director Michael Collins advised both Urby and Rockpoint. Terms were not disclosed.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout