Photo: Robert Clark
There may have been a lot of talk about Amazon at the fourth annual Jersey City summit for real estate investment yesterday, but the summit’s real takeaway was that the Jersey City housing market is just getting warmed up.
The summit, held at 210 Hudson Street, included panels and discussions on Jersey City retail, the multifamily sector, office development and amenities. New Jersey’s 56th governor, the honorable Phil Murphy also addressed attendees.
Of Jersey City, Murphy said, “The best days are yet to come.”
Amazon — which announced yesterday morning that nearby Long Island City, NY will be the future location of one of its two new HQs — cast a long shadow over the Jersey City-focused summit, but the talk was surprisingly positive.
“Amazon will impact Jersey City, and the state of New Jersey, both directly and indirectly,” said Murphy.
Despite high taxes (in New York) and high living costs, Amazon chose LIC and New York City because they wanted to go where it’s “cool,” noted Jeffrey Gural, chairman at GFP Real Estate and Newmark Knight Frank.
Jersey City’s proximity to Manhattan, diversity, strong sense of community, and growing local amenities make it a great place to live and raise a family — an experience hard to be topped across the river.
“Jersey City is in a prime position to benefit from New York City’s strong labor market, growth, and from Amazon and Google expanding,” said Marshall Tycher, chairman at Roseland Property Trust.
The Manhattan-New York City migration into Jersey City has been accelerating in recent years as many businesses and families find themselves priced out of their current digs.
“If New York City job growth continues, Jersey City will prosper,” said Jonathan Kushner, president of the KRE Group.
Murphy urged developers to look beyond Jersey City’s thriving downtown — recently ranked one of the best in the country — and offered incentives to encourage development that creates opportunities within the community.
If anything, many believe Amazon’s arrival next door will only fuel Jersey City’s ongoing rivalry with Manhattan and force it to grow even more.
“Jersey City has thrived despite having the Big Apple as a neighbor,” said Gural. “Los Angeles doesn’t have Manhattan as a neighbor.”
By the end of the summit, two things were abundantly clear despite the cloudy, rainy autumn weather — Jersey City isn’t worried about Amazon and Jersey City is just getting started. Indeed, the best days are still ahead.