Jersey Gold Coast Rental Market Sees 2021 Activity Spike

Long drawn to Hudson County, NJ for its affordable luxury, added space and proximity to Manhattan, urban renters are finding even more reasons to set their sights on Hudson River residential hotspots in the wake of the COVID pandemic. While many news reports have focused on an exodus to suburbia in New Jersey, Long Island or Westchester County, there is still a large pool of renters not quite ready to sacrifice the vibrancy and convenience of city lifestyle.  

Enter the New Jersey Gold Coast which is experiencing an energized rental market to start 2021 as renters react to the perfect balance of an energetic metropolis and a respite from the crowds of Manhattan.  Tremendous access to NJ Transit PATH Trains and express bus service into Port Authority, a dynamic local scene of restaurants, shopping and recreation and an inventory of luxury, highly-amenitized rental buildings have enabled waterfront cities like Hoboken and Jersey City to remain strongholds in the migration to the Hudson River waterfront.

“We’re getting a high volume of renters who have grown weary of New York City, but can’t pull themselves too far away from its lure,” says Jaqueline Urgo, President of The Marketing Directors, exclusive marketing and leasing agent for several Jersey “Gold Coast” for sale and rental buildings.  “We’re also seeing renters who have moved to the suburbs temporarily at the start of the pandemic and are now moving back.   Many are anticipating a level of normalcy to resume in 2021.  This could mean either commuting for a full or partial return to office, or simply wanting to remain close to New York City when its world-renowned entertainment, culture and nightlife come back to life.”

7 Seventy House in Hoboken, a luxe rental handled by The Marketing Directors – is indicative of the heightened interest in Jersey Gold Coast apartments.  Developed by Bijou Properties and partner Intercontinental Real Estate Corporation, the building has recorded high leasing velocity since January 1st and attracted renters both locally, as well as from the New York City boroughs. Nearly 90% leased, 7 Seventy House has proven attractive to the renting public with ultra-luxe homes, a wealth of amenities indoor and out, and locations removed from the congestions of downtown centers, but still within walking distance of shopping, restaurants, and more.

Jordan Berger is one of many New Yorkers whose priorities shifted in the wake of the COVID-19, opting to trade in Manhattan rental living for a more luxurious apartment and a complete lifestyle.

“The Coronavirus created the desire to move out of the Upper East Side,” Mr. Berger said.   “I realized that the City buzz no longer existed, and an apartment is now so much more than a place to sleep.  It has evolved into a space to entertain family, an office for work, and a gym.” 

While finding the perfect homes for a 24-hour lifestyle was the main priority, a strong sense of community and vibrant urban scene were also important factors when choosing a new home.  With that in mind, Mr. Berger’s apartment search included much more than homes.  He also set out to discover all the dining, entertainment, and local treasures in neighborhoods he was considering with the goal of acquiring a strong feel for its lifestyle and flair.  His search took him to neighborhoods in Long Island City, Queens, the Upper West Side and Hoboken, where he chose the 424-home 7 Seventy House on the city’s western edge.

“Layout, price, location, and knowing that we will be the first occupants of our home were the differences that made us choose 7 Seventy House,” he said.  “The floorplans made it easy to configure the placement of furniture and fully utilize the space without having to be creative.  We had planned to rent a two-bedroom with the second bedroom\ utilized for storage and a working space. With all the communal spaces that the building has to offer, you don’t need a spare bedroom to convert to an office.  The one-bedroom is spacious enough which the main room can be set up with furniture to have a full kitchen table, couch and media system, as well as a desk and still have room to breathe and not feel cluttered.  The best part is the view of New York City, we can see the World Trade Center and Lower Manhattan; you can never get this view if you lived in Manhattan.”

7 Seventy House has one of the most comprehensive amenity package in Hudson County with a penthouse pool and roof deck with lounge seating, expansive amenity deck with BBQ stations, multiple outdoor gardens, bocce ball court, state-of-the-art multi-level gym, playroom, game room, indoor bike storage, on-site dog park, dog grooming room, alcove with coworking lounge and coffee station and a conference room with access to an outdoor lounge with a fire pit.  In conjunction with the building, the development team built and donated a two-acre public park right outside the doors of 7 Seventy House that includes a plaza with step seating and a tilted lawn panel, expansive open areas to accommodate vendors and seasonal markets, a children’s playground, a one-acre green space designed for active and passive recreation uses and a state-of-the-art 6,835 square-foot community gymnasium.

Collin Denney was lured to 7 Seventy House from beyond the New York metro area.  As a frontline medical professional, Colin Denney is an important part of the backbone in the fight against COVID-19.  Mr. Denney completed his Physician’s Assistant program in Providence, Rhode Island just as the coronavirus was taking hold in March 2020 and quickly received a job offer at a hospital in Newark, NJ.  

While a fast move to New Jersey was imperative to immediately join his fellow healthcare workers as the pandemic grew, finding the right home and community was also extremely important.    Joined by his girlfriend, Mr. Denney focused his search primarily on Hudson County, NJ with some consideration given to New York City.  Hoboken, located less than 10 miles from Newark, was the top choice unless an apartment building in Jersey City or Manhattan stood out. Enter 7 Seventy House. 

“My girlfriend previously lived on Washington Street,” Mr. Denney said.  “While we love Hoboken, we’re are also at the age now where we want a tamed place to live, while still enjoying the convenience and lure of city life. “Having the option to go outside of the apartment and utilize amenities, while still remaining safe was very important to us,” Mr. Denney noted. “All of the spaces are clean and well-maintained. We have everything we need for a live/work/play lifestyle wrapped up into one comprehensive package.”

Apartments at 7 Seventy House boast open floor plans with red oak engineered wood floors and expansive windows that bathe the homes in natural light. Kitchens boast Quartz countertops, white ceramic tile backsplashes, custom cabinetry, and a premium GE stainless-steel appliance package, with in residence Bosch washer and dryers. Luxury baths are outfitted with grey mineral stone tile and Kohler fixtures. Monthly rents start from the $2,300s, with incentives that include up to three months free rent. 

The landmark Marchetto Higgins Stieve Architects (MHS Architects)-designed building features a 14-story high rise tower with multiple terraced setbacks, a glass and brick exterior and a distinctive columned entryway.

For more information, please visit the building’s website at www.7SeventyHouse.com or call 201-795-0770.

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