Business
Veris Residential Consolidates Majority Stake in Jersey City Urby
Veris Residential, Inc. ("Veris Residential" or the "Company") (NYSE: VRE), a forward-thinking, Northeast-focused, Class A multifamily REIT, and Urby, a design-forward, hospitality-driven multifamily development brand, today announced that Veris Residential has acquired Ironstate Holdings' ("Ironstate") 15% stake in Jersey City Urby, a 762-unit, Class A multifamily property located on the Jersey City Waterfront, for $38.5 million, excluding transaction costs but including consideration for the t
About this update from Veris Residential, Inc.
[{"type":"text","content":"Rebrands 762-Unit, Class A Waterfront Property to Sable","length":60,"tagName":"p","attribs":{}},{"type":"text","content":"JERSEY CITY, N.J., April 22, 2025 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential" or the "Company") (NYSE: VRE), a forward-thinking, Northeast-focused, Class A multifamily REIT, and Urby, a design-forward, hospitality-driven multifamily development brand, today announced that Veris Residential has acquired Ironstate Holdings' ("Ironstate") 15% stake in Jersey City Urby, a 762-unit, Class A multifamily property located on the Jersey City Waterfront, for $38.5 million, excluding transaction costs but including consideration for the termination of Urby's management contract and the annual tax credit.","length":655,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Veris Residential, Inc.)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Veris Residential, Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":170,"url":"https://media.zenfs.com/en/prnewswire.com/1e107c0a210c8405522764666ce38461"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/NOlvLj_C54J3dz7._5pB7w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTMwMDtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/1e107c0a210c8405522764666ce38461","width":400,"height":170}},"href":"https://mma.prnewswire.com/media/1703847/Veris_Residential_Logo_V1.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Upon the close of the transaction on April 21, 2025, Veris Residential assumed management of the property, now known as Sable.","length":126,"tagName":"p"},{"type":"text","content":""The consolidation of Veris Residential's ownership of Sable represents an exciting milestone for our Company as we continue to simplify our portfolio while accreting earnings through strategic capital allocation," commented Mahbod Nia, Chief Executive Officer of Veris Residential. "In addition to attracting strong demand given its expansive views, premium amenities and convenient Waterfront location facing Manhattan, the property fits seamlessly into our high-quality, Class A managed multifamily portfolio."","length":537,"tagName":"p"},{"type":"text","content":"Developed in 2017, the 69-story cantilevered high-rise at 200 Greene St. offers a mix of stud...