Will JV Find Success in Jersey City?

Rents keep rising in this cheaper "alternative to New York."

Jersey City, N.J.—Demand for apartments is still brisk in metro New York, including the New Jersey areas across the Hudson River from the city. Or as the New York Times put it about two years ago, “New Yorkers Discover Jersey City,” reporting on the popularity of the city as a less-expensive alternative to New York, but still very close by.

But that’s not to say it’s cheap. In response to demand, rents keep rising. According to Rent Jungle, as of May, rents were up by 9.4 percent in Jersey City over the previous six months. A one-bedroom there averages $3,077 a month, while a two bedroom averages $3,854.

Even so, new developments are reporting rapid leasing. For instance The One, a residential tower by a joint-venture partnership of BLDG Management Co. Inc., fund(s) managed by Ares Management, L.P., and Urban Development Partners, is more than 55 percent leased after its grand opening less than two months ago. Located at 110 First Street in Jersey City’s Powerhouse Arts District, the 36-story tower offers a mix of 439 studio, one- and two-bedroom apartments.

The property fits the profile of a Jersey City location with easy access to Manhattan. The One is just a short walk from Jersey City’s Grove Street, Pavonia/Newport and Exchange Place PATH stations, and a NJ Transit light rail stop is located right outside of the building. The property also has an on-site parking garage and bike storage.

Common amenities include a fitness center with its own yoga studio, media theater room, children’s playroom, gaming room, virtual golf, residents’ lounge with catering kitchen and billiards and additional storage space. Outside, there’s a pool with private cabanas and a landscaped sun deck, picnic and lawn area, barbecues and fire pit.