DEVELOPERS LEASE 82% OF THE LUXURY RENTAL RESIDENCES IN FIRST SEVEN MONTHS AT JERSEY CITY’S “225 GRAND”
15-Story Building with Manhattan and Statue of Liberty Views Proves a Home Run with Renters
JERSEY CITY, NJ – February 23, 2011 – (RealEstateRama) — The developers of 225 Grand, the premium rental building in downtown Jersey City overlooking the Manhattan skyline and Statue of Liberty, announced today that an impressive 82% of the building’s 348 luxury residences have been leased in the first seven months of availability.
The new 15-story architectural landmark is being developed by Ironstate Development Company of Hoboken and KRE Group of Bridgewater, two prominent development and management companies with strong ties to the Jersey City marketplace. The building’s exclusive marketing and leasing agent is The Marketing Directors, Inc.
“The demand at 225 Grand has been steady since we first introduced the property to the public,” said Ironstate Development President David Barry. “Achieving this level of rental velocity speaks volumes about the building’s well-conceived residences, upscale amenities and a convenient location which all come together in an exceptional lifestyle experience.”
Designed by renowned architectural firm HLW, the landmark residential tower features 348 residences with net-effective monthly rents currently ranging from $1,950 for studios, from $1,845 for one- bedroom homes and from $2,845 for two-bedroom residences.
“The success of 225 Grand also reflects the current strength of the rental market and downtown Jersey City’s position as one of the state’s most dynamic live/work/play destinations,” added Jonathan Kushner, President of KRE Group. “There’s a deep pool of renters in today’s market which appreciates the flexibility and risk-free environment associated with renting, but want living spaces and amenities on par with luxury condominium buildings. 225 Grand provides just that.”
Located in the heart of downtown Jersey City, 225 Grand features well-appointed residences and spectacular views of New York City and the Statue of Liberty. Residents enjoy a host of amenities, including a state-of-the-art fitness center, indoor resident-only parking, 24-hour door man, professional concierge and an outdoor rooftop swimming pool.
The building is just steps from the Marin Blvd. Light Rail Station, and is within walking distance to PATH stations at Grove Street and Exchange Place and ferry terminals with service to Manhattan.
For more information on 225 Grand, call 201-536-0225, or visit www.225Grand.net.
About Ironstate Development
Ironstate Development Company is a privately held real estate development and management company based in Hoboken, New Jersey. The Company engages in the development of large-scale residential and hotel projects in the Northeast United States. The company currently owns and manages over 6000 residential units and currently has approximately $1 billion in the development pipeline.
www.ironstate.net
About KRE Group
Headquartered in Bridgewater, NJ, KRE Group is one of the largest privately held diversified real estate companies in New Jersey. It owns and manages more than 5,000,000 square feet of office, warehouse and retail space. It also has substantial ownership in 9,700 apartments, of which 3,400 are managed out of its New Jersey office. The company is currently constructing more than 850 apartments and has several projects in the design and approval process. For more information, visit the company’s website at www.thekregroup.com.
About CAHN Communications
CAHN Communications is a full-service public relations agency that produces results for a wide range of clients involved in real estate, hospitality, finance and restaurant activities.
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