Do even a cursory web search, and you can easily find examples of how New York City—particularly Manhattan and much of Brooklyn—is becoming increasingly expensive and its neighborhoods gentrified—but the city’s status as a global business hub never wavers. This begs the question: Where can residents or potential buyers who are unable to afford to live in the Big Apple, who are unwilling to make certain compromises on space or amenities, or who are simply uninterested in the city’s 24/7 breakneck pace turn to when it’s time to put down roots?
For a while now, many New York City defectors have fled westward across the Hudson River to Jersey City, a burgeoning refuge for those seeking diversity, entertainment, and Manhattan-style apartments at a more affordable price than Gotham itself can provide. In effort to ascertain what’s new off the PATH train, and what might be on the near horizon, The New Jersey Cooperator spoke with some Jersey City real estate professionals to get their take.
The luxury high-rise scene in Jersey City has really blossomed since the early 2000s —especially on the waterfront, directly across from Manhattan’s west side. In the intervening decade or so, higher-end condominium residential has spread throughout the city’s many diverse neighborhoods, providing potential buyers with options at just about every price point.
“Jersey City is growing, providing great transportation and ease of access to Manhattan,” says Tejas Kadia, CEO of Reliance Property Management Group, which has a regional office in Jersey City. “Many residents live in the former, while working in the latter.”
And while Kadia’s firm manages properties ranging in size from 20 to over 500 units, he notes that “Our typical sites in Jersey City are in the 60-120 unit range. That is basically the middle of the road, or slightly larger than the middle.”