- Veris Residential (VRE, Financial) acquires Ironstate Holdings' 15% stake in Jersey City Urby for $38.5 million.
- The 762-unit Class A property has been rebranded as Sable and includes premium amenities.
- The acquisition strengthens Veris Residential's portfolio with enhanced control and operational synergies.
Veris Residential, Inc. (VRE), a prominent Northeast-focused real estate investment trust (REIT), has completed a strategic acquisition to consolidate its ownership in the Jersey City Urby property, located on the Jersey City Waterfront. By purchasing Ironstate Holdings' 15% stake for $38.5 million, Veris Residential now fully owns the 762-unit, Class A multifamily high-rise, which has been rebranded as Sable following the transaction's closure on April 21, 2025.
Originally developed in 2017, the 69-story cantilevered high-rise at 200 Greene St. offers a wide range of modern amenities, including a state-of-the-art fitness center, a yoga studio, a heated rooftop pool, and a dog recreation area. The building also features retail spaces occupied by tenants like Canard Cafe, DOMODOMO, and Glowbar, adding to its appeal.
The acquisition also involved terminating Urby's management contract and related annual tax credits, allowing Veris Residential to manage the property directly. This move is expected to create operational efficiencies and cost synergies as Veris aims to leverage its integrated operational platform across all its Jersey City properties.
The property's prime location offers convenient access to the Exchange Place PATH station and the Harborside Light Rail station, enhancing its appeal with spectacular views of Manhattan. This acquisition aligns with Veris Residential's strategy of simplifying its portfolio while increasing earnings through targeted capital deployment, positioning the company for growth in the competitive New York City metro housing market.
