Rockpoint, a Boston-based real estate private equity firm, and hospitality-driven multifamily developer Urby have formed a joint venture to acquire land and develop a multifamily residential tower on the Jersey City, New Jersey 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 space and 102 surface parking spaces. 201 Hudson – by Urby is 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, a managing member and COO at Rockpoint.
Residents will have access to lifestyle-oriented amenities including a resort-style pool with views of the Manhattan skyline, parlor and garden rooms, a state-of-the-art fitness center, dog run, children’s play area, roof deck and Class A finishes throughout.
“201 Hudson – by Urby continues our vision of creating engaging, design-driven residential communities on the Jersey City waterfront,” said David Barry, founder and CEO of Urby. “We are pleased to have Rockpoint join the project as we deliver the next chapter of this three-tower development and continue to contribute to the ongoing growth of Jersey City.”
Newmark’s Co-Head of U.S. Capital Markets ‘s Adam Spies, Executive Vice Chairman Adam Doneger and Managing Director Michael Collins advised both Urby and Rockpoint on the transaction.
The project team includes New York-based architects HLW, Concrete Amsterdam and interior designer Shawn Hausman and landscape architect Bas Smets.
