Jersey City Luxury Tower Launches Leasing
- Oct 24, 2018
Leasing operations have begun at 90 Columbus, a residential tower encompassing 539 luxury units in downtown Jersey City, N.J. Designed by HLW and developed by Ironstate Development and Panepinto Properties, the mixed-use property represents the final phase of The Columbus Collection, which includes the 50-story 70 Columbus tower and the 152-key Marriott Residence Inn at 80 Columbus. The Columbus Collection offers a total of 1,484 rental units, along with a parking garage with about 1,000 spaces and street-level retail space.
“The Columbus Collection has proven to be a tremendous asset to Jersey City and has helped spearhead the proliferation of new lifestyle offerings throughout the Grove Street neighborhood,” Joseph Panepinto, president & CEO of Panepinto Properties, said in a prepared statement. “The amalgam of residential, retail and hospitality reflect the innovative lifestyle and culture of the city.”
Located next to the city’s Grove Street Path Station, which provides easy access to Manhattan, 90 Columbus offers a mix of studios, one- and two-bedroom units with monthly rents starting at $2,695. The tower has views of the Manhattan skyline, New York Harbor and the Statue of Liberty, and is positioned in a neighborhood featuring restaurants, shops, cafes and nightlife destinations, as well as the Newark Avenue Pedestrian Plaza.
More than 100 residents signed leases within the first three weeks of the building’s opening and several have already moved in. The list of amenities includes 24-hour doorman, two-story communal lounge and communal workspace, 60,000-square-foot outdoor landscaped roof deck with a pool, BBQ grilling stations, sport court, dog run and children’s play area. Residents also receive membership to the street-level, 30,000-square-foot Base Gym.
The units have high ceilings and oversized windows to take advantage of the dramatic views, as well as chef-inspired kitchens with custom cabinetry and stainless steel appliances. Other high-end finishes include hardwood oak floors, white quartz countertops and Kohler bath fixtures.
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The project has been in the development stage for several years. In August 2016, HFF arranged a $155.8 million construction loan for 90 Columbus. Earlier this year, the project was listed as one of the top 10 multifamily developments under construction in northern and central New Jersey, where the state’s rising median income and employment rate have led to a surge in apartment construction. More than 17,000 units were under construction as of June with more than 8,500 units coming online by the end of this year, according to Yardi Matrix.
Across the river in New York City, Ironstate has teamed up with CB Developers and SK Development in a joint venture known as CBSK Ironstate to acquire and develop an upscale condominium on the site of a car dealership. The team received $251 million in equity and debt in June for the project located at 646 11th Ave. between 47th and 48th streets in the Hell’s Kitchen section of Manhattan.
Image courtesy of Ironstate Development and Panepinto Properties