Jersey City Tower Tops Out at 25 Floors
Urby’s newest residential property is slated to be online next year.
Urby, a joint venture between David Barry and Brookfield Properties, has topped out its newest residential tower in Jersey City. The 25-story, 317-unit Journal Square Urby property towers over most of the structures in its namesake neighborhood at 265 feet.
Located at 575 Pavonia St. in the Journal Square neighborhood, the building is slated for completion in the spring of 2024. Construction, aided by an $88.3 million loan provided by AIG, began in July 2022 at the corner of Pavonia and Summit avenues. Situated across from the Journal Square PATH station, the building will include 3,000 square feet of retail space.
This property is the second Urby residential tower in Jersey City and the seventh Urby location to open in the U.S. The first Urby-branded property in Jersey City, a 69-story tower with 762 units, opened in 2017 in the Harborside waterfront neighborhood.
Journal Square Urby, which is situated on a 1.37-acre parcel of land, will feature 113 studios, 121 one-bedroom units, 68 two-bedroom units and 15 three-bedroom units. Amenities will include a lobby café and state-of-the-art gym with attached yoga studio and stretching area. A suite of indoor and outdoor spaces will be located on the 25th floor, including work from home areas, a rooftop garden and terrace, BBQ areas and a dog park. The rooftop and many of the residences will have views of downtown Jersey City, the Manhattan skyline, the Statue of Liberty and Verrazano-Narrows Bridge.
The Journal Square area, which is undergoing rapid change and development, offers residents numerous transit options, including the PATH train to New York City, various bus options and nearby highway access.
Concrete, an award-winning Dutch design team responsible for citizenM Hotels around the world, designed the property. HLW is the executive architect. Outdoor spaces will be designed by Bureau Bas Smets, an internationally renowned landscape architecture firm that was recently awarded the commission for the grounds of the Notre-Dame Cathedral in Paris. Contemporary artist Felipe Pantone has been commissioned to paint a mural on the side of the building.
Growing the brand
The first Urby-branded residential development opened in the New York City borough of Staten Island in 2016. Located on a 3.9-acre waterfront parcel at 7 and 8 Navy Pier Court, the property features one four-story building and one five-story building, with a total of 571 units, 115 of which are considered affordable. In February 2019, Greystone originated a $132.9 million Fannie Mae 10-year, fixed-rate permanent loan to replace the original $100 million construction credit facility provided in 2013 by PNC Bank.
Stamford Urby, an 11-story, 650-unit apartment community in Stamford, Conn., broke ground in October 2017. Other Urby properties are located in Harrison, N.J., Newark, N.J., and Dallas. Future Urby developments are underway in Philadelphia, Miami and Washington, D.C.