Gentrification in Jersey City Starts with Luxury Apartment Rentals

Jersey City neighborhood renovations start with apartment rentals

Currently there are over 200 multi-family buildings for sale in Jersey City. It makes one wonder how the old neighborhoods are being affected by the addition of luxury apartment developments in Jersey City.

The city’s real estate prosperity is hitting every building spectrum and that includes the older neighborhoods. What once was a buyer’s market has now become a seller’s market and everyone is making a profit. New developments of luxury apartment rentals in Jersey City are seeing substantial revenue as well. Construction companies are happy with new projects and renovations. Real estate firms are making a killing.

Here’s a real estate firm that scored a huge purchase in Jersey City South. Commercial real estate firm Gebroe-Hammer Associates, based out of Livingston, New Jersey, recently completed a real estate transaction for $7.75 million. Reported in www.njbiz.com’s article, the property consists of 72 units spanning three buildings located at 158 Bergen Avenue, 162 Bergen Avenue and 232 Bidwell Avenue in the Greenville neighborhood.

Nicholas Nicolaou, who is the Senior VP of Gebroe-Hammer Associates, acted as the undisclosed buyer’s real estate broker. Nicolaou explained “In recent years, the neighborhood has undergone a major transformation associated with revitalization of downtown Jersey City and proximity to suburban Bayonne, which gives its multifamily properties an edge over those located in other parts of the city.”

In 2013, Nicholas Nicolaou was awarded the coveted Gebroe-Hammer Associates Salesperson of the Year award, the firm’s top honor. Nicolaou specializes in investment real estate sales of multi-family properties, concentrating on New Jersey’s urban markets along the Hudson River waterfront. His activities also include mixed-use and free-standing office and retail properties.

If you’re not looking for a commercial real estate opportunity and are just looking around for luxury apartment rentals in Jersey City, then check out The One Apartments at 110 First Street. The One is new, modern and resort style, and is situated on waterfront property with sparkling views of the Manhattan skyline and the Hudson River.

The One offers studio, one and two bedroom apartments. Residences feature GE and Bosch appliances which include washers and dryers. The One features an outside pool with cabanas for your privacy and shade for the kids. Cushioned lounge chairs, tables and chairs are provided along with a beautiful view of the Waterfront area. Also, there’s a world class, avant-garde fitness center with a dedicated weight lifting room, and a yoga studio with complimentary yoga classes for residents.  

Rental rates and availability at The One can be obtained by contacting the leasing office.  Visit the website for more information and be sure to visit the photo gallery while you are there.