Veris Residential (VRE, Financial) is closing in on full ownership of one of Jersey City's crown jewels—an upscale waterfront apartment tower at 200 Greene Street. The company is set to buy out the remaining minority stake in the Jersey City Urby building in a deal valuing the property at around $430 million, according to a source familiar with the matter. Veris already owns 85% of the asset and is now taking steps to consolidate its position in one of the most sought-after rental markets in the country.
This isn't just about a bigger piece of the pie—it's about controlling the whole bakery. The Urby tower isn't your average multifamily play. It's a short walk from the PATH train into NYC, boasts a yoga studio, pool, dog park, EV chargers, and a café in the lobby. Rents here aren't cheap either—averaging $2,200 for a two-bedroom, roughly 10% higher than the national average. In short, it's prime real estate, purpose-built for urban professionals who value both lifestyle and location.
Newmark brokers Adam Spies and Adam Doneger advised on the transaction, which now gives Veris a runway to capture 100% of the income, upside, and strategic control. As Jersey City's luxury housing market continues to outpace expectations, Veris is positioning itself at the center of that growth. This deal isn't just another real estate buyout—it's a calculated move to double down on cash-flowing core assets in a high-demand corridor, with long-term returns firmly in sight.
