In Jersey City, hot spots dominate multifamily construction

The Journal Square and Waterfront nodes are the primary multifamily areas in Jersey City and collectively account for nearly 51,000 apartments. Both areas are experiencing a considerable upswell in multifamily construction: The Jersey City Waterfront has more than 6,600 units underway, representing about 28% of inventory, the highest percentage of any of New York’s 52 submarkets. Jersey City/Journal Square, with about 3,800 units underway, currently has a smaller pipeline but has had more completions in recent years, with more than 7,600 apartments coming to market since the beginning of 2021.