Do even a hasty web search, and you can easily find examples of how New York City is becoming increasingly expensive and its boroughs gentrified -- but the city's status as a global business hub never wavers. This poses the question: Where can residents or potential buyers who are unable to afford to live in the Big Apple; unwilling to make certain compromises; or simply uninterested in the city’s cultural and leisure activities turn to?
As it turns out, some New York City defectors have fled across the Hudson River to Jersey City, a burgeoning refuge for those seeking Manhattan-style apartments and amenities, diversity, and entertainment--but at a more affordable price. The Cooperator spoke with some local real estate professionals in effort to ascertain what's new off the PATH train, and what's next.
The luxury high-rise scene in Jersey City has blossomed since the early 2000s -- especially on the waterfront, directly across from Manhattan. Since then, higher-end condominium residential has spread throughout the city's many diverse neighborhoods, providing potential buyers with options at all ends of the market.
“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.”