Comparing North Gold Coast to Other New Jersey and NYC Markets

FORT LEE, New Jersey – Comparing sub-markets in New Jersey’s Gold Coast region can be both dizzying and redundant. We’ve got Hudson County vs Bergen County, the Western Suburbs vs the Waterfront, Hoboken vs Jersey City, just to name a few examples. However, perhaps the most interesting is simply contrasting the Northern Gold Coast to everything else. As some industry insiders recently shared with CapRate, there are clear distinctions to be made. For example, Solomon Kinraich, Managing Principal for MLK Real Estate Capital says that, though we are all obviously seeing a lot of transactions in the New York City market (where a lot of stabilized multi-family transactions are taking place), in New Jersey, especially Bergen County, there is obviously a very strong focus on the retail side, as well as the different property classes. “Lenders are typically more open-minded, working with sponsors who have really strong opportunities and strong deals to underwrite,” he says. “Obviously, in Hoboken and Jersey City, we’ve seen a lot more activity in multi-family on the development side, but in Bergen County there’s not as much development.” Justin Levitt, Principal at PGIM Real Estate Finance, mostly concurs. He says that everyone knows that the New York City market is softening on the multi-family side. “You’re seeing at least one-month concessions,” he begins. “We’re seeing landlords pay the leasing commissions. It’s shifting, especially south of 96th Street. It’s shifting from landlords being in demand to tenants…