Last November, leasing began at New York City’s first micro apartment development — Carmel Place. The building features tiny studios that measure between 260 to 360 square feet and cost between $2,500 to $2,900/month. Now it appears Jersey City is getting in on the micro unit action. NJ.com reports that a pair of micro apartment projects — one in Journal Square and one near Van Vorst Park — could be Jersey City’s first micro apartment buildings.
New York-based Smart Living Associates LLC won approval last year to build a 7-story, 122 micro apartment building with units that would range from 222 to 285 square feet (much smaller than the NYC units). The building, called Nest Micro Apartments, will be located on Academy Street near the Journal Square PATH station. Rents would start at $1,100 per month and would be targeted at millennials, retirees, or other households with incomes of around $45,000.
Meanwhile, the Van Vorst Park project — located on the corner of Bright and Varick — is an 87-unit building proposed by developers Rushman-Dillon. It will have micro units of around 340 square feet (although rents have yet to be set). However, the Van Vorst Park Association is fighting its construction because of its high density, lack of built-in parking, and the threat it poses to the character of the neighborhood.
Neither of the projects has broken ground yet and Smart Living Associates says it still needs to raise $4.5 million in private equity to meet the total construction cost of $17 million. However, they hope to have the money by this summer and look to open Nest Micro Apartments by late 2017. Are micro apartments the future of Jersey City real estate or just a nuisance that will lead to even more overcrowding? Pretty soon we may find out. —NJ.com