CAPRE’s Northern New Jersey & Gold Coast Investment Outlook

The New Jersey Gold Coast, loosely defined as the geographic region from Bayonne in the south to Fort Lee in the North, has rapidly ascended into a world-class real estate market following the last economic downturn. Earning the name “Gold Coast” due to its view of and proximity to Manhattan, this region’s real estate values and rental rates have soared. They are now on par with many boroughs of New York City.

Many experts argue that this region’s real estate market is tied to the performance of New York City and its growth is in line with Brooklyn and sections of Queens. Completion of the World Trade Center and the related shift from Midtown-to-Downtown that occurred had a positive effect on the interest and growth in Jersey City. Moreover, Jersey City has also benefited from priced-out Manhattan and Brooklyn residents who sought better value and a lower cost of living. However, following several years of consistent growth, the region may be at an inflection point.

With the softening in New York City, Gold Coast high-end multifamily rental and for-sale product has also witnessed a pricing reduction. Gold Coast multifamily for-sale product is sitting on the market for a significantly longer period of time in 2019. While overall value remains strong, many are questioning the inevitable: With recent interest rate hikes, the yield curve flirting with inversion, and the oversupply in Manhattan and Gold Coast luxury product, will we see a major shift in the market?

Challenge creates opportunity. Could an economic downturn spark a reboot in pricing and a new buying frenzy for assets in Hoboken, Jersey City and West New York? Or will this market continue to see stagnant, slow or even steady growth in the coming years? And how will the rental market hold up in the next 3-5 years? Join CAPRE’s Seventh Annual New Jersey Gold Coast Investment Summit on June 20 for important industry discussion, debate and networking

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