Veris Residential Consolidates Majority Stake in Jersey City Urby
Veris Residential (NYSE: VRE) has acquired Ironstate Holdings' 15% stake in Jersey City Urby for $38.5 million, consolidating its ownership of the 762-unit, Class A multifamily property. The property has been rebranded as Sable following the transaction closure on April 21, 2025.
The 69-story cantilevered high-rise, developed in 2017, is located at 200 Greene St. on the Jersey City Waterfront. The property features studios, one and two-bedroom apartments, and premium amenities including a fitness center, yoga studio, heated rooftop pool, and dog recreation space. The building hosts retail tenants such as Canard Cafe, DOMODOMO, and Glowbar.
The acquisition includes consideration for terminating Urby's management contract and the annual tax credit. Veris Residential will now manage the property directly, aiming to leverage its operational platform across Jersey City properties to create stakeholder value.
Veris Residential (NYSE: VRE) ha acquisito la quota del 15% di Ironstate Holdings in Jersey City Urby per 38,5 milioni di dollari, consolidando così la proprietà del complesso multifamiliare di Classe A composto da 762 unità. Dopo la chiusura della transazione il 21 aprile 2025, la proprietà è stata rinominata Sable.
Il grattacielo a sbalzo di 69 piani, sviluppato nel 2017, si trova al 200 Greene St. sul lungomare di Jersey City. L’immobile offre monolocali, appartamenti con una o due camere da letto e servizi di alta qualità, tra cui un centro fitness, uno studio di yoga, una piscina riscaldata sul tetto e uno spazio dedicato ai cani. Nell’edificio sono presenti attività commerciali come Canard Cafe, DOMODOMO e Glowbar.
L’acquisizione comprende anche il corrispettivo per la risoluzione del contratto di gestione di Urby e il credito d’imposta annuale. Veris Residential gestirà ora direttamente la proprietà, puntando a sfruttare la propria piattaforma operativa nelle proprietà di Jersey City per creare valore per gli stakeholder.
Veris Residential (NYSE: VRE) ha adquirido la participación del 15% de Ironstate Holdings en Jersey City Urby por 38,5 millones de dólares, consolidando su propiedad del inmueble multifamiliar Clase A con 762 unidades. Tras el cierre de la transacción el 21 de abril de 2025, la propiedad fue renombrada como Sable.
El rascacielos voladizo de 69 pisos, desarrollado en 2017, está ubicado en el 200 Greene St. en el paseo marítimo de Jersey City. La propiedad cuenta con estudios, apartamentos de una y dos habitaciones, y comodidades premium como un gimnasio, estudio de yoga, piscina climatizada en la azotea y área de recreación para perros. El edificio alberga comercios como Canard Cafe, DOMODOMO y Glowbar.
La adquisición incluye la compensación por la terminación del contrato de gestión de Urby y el crédito fiscal anual. Veris Residential gestionará ahora la propiedad directamente, con el objetivo de aprovechar su plataforma operativa en las propiedades de Jersey City para generar valor para los interesados.
Veris Residential (NYSE: VRE)는 Ironstate Holdings가 보유한 Jersey City Urby의 15% 지분을 3,850만 달러에 인수하여 762가구 규모의 Class A 다가구 주택 소유권을 통합했습니다. 2025년 4월 21일 거래 종료 후 해당 부동산은 Sable로 브랜드명이 변경되었습니다.
2017년에 개발된 69층 캔틸레버 고층 건물은 Jersey City 워터프론트의 200 Greene St.에 위치해 있습니다. 이 부동산은 스튜디오, 원룸 및 투룸 아파트와 피트니스 센터, 요가 스튜디오, 온수 옥상 수영장, 반려견 휴게 공간 등 프리미엄 편의시설을 갖추고 있습니다. 건물 내에는 Canard Cafe, DOMODOMO, Glowbar와 같은 소매업체도 입주해 있습니다.
이번 인수에는 Urby의 관리 계약 해지 비용과 연간 세금 공제도 포함되어 있습니다. Veris Residential은 이제 직접 부동산을 관리하며, Jersey City 내 다른 부동산 운영 플랫폼을 활용해 이해관계자 가치를 창출할 계획입니다.
Veris Residential (NYSE : VRE) a acquis la participation de 15 % d’Ironstate Holdings dans Jersey City Urby pour 38,5 millions de dollars, consolidant ainsi sa propriété de cet immeuble multifamilial de classe A comprenant 762 unités. Suite à la clôture de la transaction le 21 avril 2025, la propriété a été rebaptisée Sable.
La tour en porte-à-faux de 69 étages, développée en 2017, est située au 200 Greene St. sur le front de mer de Jersey City. L’immeuble propose des studios, des appartements d’une et deux chambres, ainsi que des équipements haut de gamme tels qu’un centre de fitness, un studio de yoga, une piscine chauffée sur le toit et un espace de loisirs pour chiens. Le bâtiment accueille des commerces comme Canard Cafe, DOMODOMO et Glowbar.
L’acquisition comprend également une indemnité pour la résiliation du contrat de gestion d’Urby et le crédit d’impôt annuel. Veris Residential gérera désormais directement la propriété, visant à exploiter sa plateforme opérationnelle sur les biens de Jersey City afin de créer de la valeur pour les parties prenantes.
Veris Residential (NYSE: VRE) hat den 15%-Anteil von Ironstate Holdings an Jersey City Urby für 38,5 Millionen US-Dollar übernommen und damit seine Eigentümerschaft an der 762 Einheiten umfassenden, hochwertigen Mehrfamilienimmobilie konsolidiert. Nach Abschluss der Transaktion am 21. April 2025 wurde die Immobilie in Sable umbenannt.
Das 69-stöckige, auskragende Hochhaus, das 2017 errichtet wurde, befindet sich in der 200 Greene St. an der Jersey City Waterfront. Die Immobilie bietet Studios sowie Ein- und Zweizimmerwohnungen und erstklassige Annehmlichkeiten wie ein Fitnesscenter, ein Yogastudio, einen beheizten Pool auf dem Dach und einen Hundeauslauf. Im Gebäude sind Einzelhandelsmieter wie Canard Cafe, DOMODOMO und Glowbar ansässig.
Die Übernahme umfasst auch eine Abfindung zur Beendigung des Managementvertrags mit Urby sowie die jährlichen Steuergutschriften. Veris Residential wird die Immobilie nun direkt verwalten und dabei seine operative Plattform in Jersey City nutzen, um den Wert für die Stakeholder zu steigern.
- Consolidation of ownership stake from 85% to 100% strengthens VRE's control over the asset
- Property management internalization allows for operational synergies across Jersey City portfolio
- Prime waterfront location with Manhattan views enhances property value
- Strong demand for units due to competitive pricing compared to NYC alternatives
- $38.5 million capital outlay for minority stake acquisition impacts cash position
Insights
Veris consolidates ownership of 762-unit Jersey City property for $38.5M, gaining operational synergies while executing portfolio simplification strategy.
Veris Residential's $38.5 million acquisition of Ironstate Holdings' 15% stake in the Jersey City Urby property represents a strategic consolidation move that strengthens the REIT's position in the premium multifamily market. The transaction, which closed on April 21, gives Veris complete ownership of the 762-unit Class A waterfront property while simultaneously terminating Urby's management contract.
The rebranding to "Sable" signals Veris's intent to fully integrate this asset into their managed portfolio. This 69-story luxury high-rise, developed in 2017, offers competitive advantages through its premium amenities (heated rooftop pool, fitness center, yoga studio) and strategic location facing Manhattan with convenient access to the Exchange Place PATH and Harborside Light Rail stations.
This acquisition aligns perfectly with Veris's stated strategy of portfolio simplification while pursuing earnings accretion through targeted capital deployment. By assuming management control, Veris can now implement its "vertically integrated operational platform" across all Jersey City properties, potentially creating operational efficiencies and cost synergies.
The property's value proposition of offering "more space and more affordable prices than comparable alternatives in New York City" positions it well in the competitive NYC metro housing market. This transaction reinforces Veris's commitment to its Northeast-focused, Class A multifamily strategy and demonstrates management's confidence in the Jersey City market fundamentals.
Rebrands 762-Unit, Class A Waterfront Property to Sable
Upon the close of the transaction on April 21, 2025, Veris Residential assumed management of the property, now known as Sable.
"The consolidation of Veris Residential's ownership of Sable represents an exciting milestone for our Company as we continue to simplify our portfolio while accreting earnings through strategic capital allocation," commented Mahbod Nia, Chief Executive Officer of Veris Residential. "In addition to attracting strong demand given its expansive views, premium amenities and convenient Waterfront location facing
Developed in 2017, the 69-story cantilevered high-rise at 200 Greene St. offers a mix of studios, one-bedroom and two-bedroom apartments with more space and more affordable prices than comparable alternatives in
"Our purposeful rebrand of Jersey City Urby to Sable ensures the property best aligns with Veris Residential's brand ethos while continuing to deliver the exceptional resident experience we and Urby have cultivated to date. We look forward to leveraging Veris Residential's best-in-class, vertically integrated operational platform and area-focused management model across all of our
"We are proud of the building and lifestyle we created at Jersey City Urby, and the role the property has played in growing Urby into the strong, future-forward brand that it is today," said David Barry, CEO and Founder of Urby. "We wish Veris continued success and remain focused on advancing new Urby developments, including the adjacent residential tower in
About Veris Residential, Inc.
Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit https://www.verisresidential.com/.
About Urby
Founded by David Barry with the intention to pioneer the future of multifamily living, Urby creates built environments with vitality, soul and a distinct point of view. Since opening in 2016, Urby operates properties in
VERIS RESIDENTIAL CONTACTS
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investors@verisresidential.com
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URBY CONTACTS
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Cahn Communications
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gcahn@cahnpr.com
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SOURCE Veris Residential, Inc.
FAQ
What is the value of Veris Residential's acquisition of the Jersey City Urby stake?
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