A new ultra-luxury residential skyscraper overlooking the Manhattan skyline is set to rise on the Jersey City waterfront. Rockpoint and Urby have formed a joint venture to acquire the site at 201 Hudson Street and develop the second phase of a three-part multifamily development in this desirable location. Commercial Observer learned this from informed sources.
Upon completion, the new building, 201 Hudson – by Urby, will comprise 748 market-rate apartments, 10,000 square feet of retail space, and 102 parking spaces. The design of the high-rise, tailored to commuters to Manhattan and other parts of New Jersey, will offer first-class amenities and is scheduled for completion in three years.
Adam Spies, Adam Doneger and Michael Collins of Newmark advised both Urby and Rockpoint on the transaction. Together with a Newmark team consisting of Jordy Roeschlaub, Jonathan Firestone and Chris Kramer, they are currently seeking US$267 million in construction financing for the project, as sources with knowledge of the offering memorandum told Commercial Observer. Brookfield is the seller of the land; the partnership between the buyers developed over years.
Boston-based Rockpoint made a preferred equity investment in Roseland Residential Trust, the multifamily subsidiary of Mack-Cali Realty Corporation – now Veris Residential – in 2018, and it was there that they became acquainted with the Urby team. As Urby developed the first tower, Jersey City Urby – now known as Sable – alongside Roseland and Ironstate Development, Rockpoint was able to observe the construction directly. Dan Domb, Managing Member and Chief Operating Officer of Rockpoint, said they watched the construction of the first tower from up close, which “was really transformative for that submarket at the time.” Rockpoint exited this investment in 2023.
At that time, the development was structured in two phases. Spies and Doneger of Newmark suggested that Rockpoint collaborate with Urby on the next tower. Domb noted it took “a while to come together. The key for us and our takeaway was that the most successful way to get this development done is to break out the next Urby phases into separate towers.” He added: “The first Urby tower is already there, 201 Hudson is the second Urby tower, and there will be a third tower later that we are not involved with currently.”
The transaction is Rockpoint’s third deal in Jersey City in the past three years. In October 2025, the company acquired Morgan Provost Square, also on the Jersey City waterfront, and in 2023, it completed the acquisition of Embankment House, a prime residential asset in the Hamilton Park neighbourhood of Jersey City. Domb explained: “We are address-level investors, so we focus very much on finding the right assets in the right submarkets at the right terms, where we can really drive cash flow.” He clarified: “We say we like Jersey City, but we don't like all of Jersey City. We like the waterfront submarket, which is about 10 per cent of the landmass and 35 per cent of the rent base. We are very localised, and for us, it's the distance to the PATH train, it's the availability of multiple buses or ferry links.”
Indeed, 201 Hudson offers direct access to Manhattan and the entire tri-state area via the Grove Street and Exchange Place PATH stations, the NY Waterway Ferry, and NJ Transit. New residents are expected to have a commute time of just 10 minutes to Manhattan. Domb noted that in 2010 there were 10,000 units on the Jersey City waterfront, and today there are 22,000. He described this as an “unprecedented amount of supply for a micro-market” but stressed that vacancy rates remained low as “Jersey City is another relief valve for the greater New York City area, almost like a sixth borough of New York.” He added that “the more that was built, the more 'ground floor amenities', nightlife, restaurants, and retail stores opened, which has made Jersey City a better place and a more attractive value proposition for tenants.”
This “sixth borough” also houses corporate tenants such as Goldman Sachs, J.P. Morgan, Forbes, AIG and Gucci. The project is the latest in an extensive multifamily portfolio for Urby, which focuses on apartment complexes with modern design and inviting public spaces. David Barry, Founder and CEO of Urby, commented, “201 Hudson – by Urby continues our vision of creating engaging, design-led living on the Jersey City waterfront.” He further stated: “We are excited to have Rockpoint on board with this project as we usher in the next chapter of this three-tower development and continue to contribute to the ongoing growth of Jersey City.” Newmark declined to comment.
