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Jersey City Is Hungry for Housing

At the rate Jersey City is building luxury housing, you'd think it was some barren patch of land that had just struck gold. It's not, of course. Jersey…

By Sean Ryan | Updated on April 25, 2006

At the rate Jersey City is building luxury housing, you’d think it was some barren patch of land that had just struck gold. It’s not, of course. Jersey City is the second largest city in the state, with a huge established office market and a plethora of mass transit. But it’s become a particular beneficiary to New York City’s dizzying housing market.

“The prices in Manhattan are so astronomical that Jersey City is really a half-price sale,” says George Filopoulos, president of Manhattan-based Metrovest Equities. “You’ve got space, you’ve got quality of life—you can sit down for a cup of coffee at Paulus Hook and it wouldn’t be a stretch to think it’s the West Village. And the transportation couldn’t be better.”

A simple list of the major multifamily developments in the works is astounding:

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