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In the New York/New Jersey metropolitan area, the overall economy is still healing, just like every place else. But because employment growth and job opportunities are healthier here than in most other parts of the country, the residential market is healing faster. In the Gold Coast area of the Garden State, the rental housing market is essentially back to pre-recession rent levels. In Hudson County, where Ironstate Development has brought approximately 1,000 new rental units on line over the past three years, we have full occupancy across our portfolio.

The strongest demand is for new rentals close to mass transit, in urban settings like Jersey City, where redevelopment is well under way. Ironstate is currently moving forward in partnership with KRE Group to build 18 Park across from a light rail station in Downtown Jersey City. It will have 422 units, with retail on the ground floor, as well as an adjacent permanent home for the Boys & Girls Clubs of Hudson County. A block away, we completed 225 Grand last year, with a total of 348 units leased up in just under 10 months. Since rents on the Jersey Gold Coast continue to be a third less than what people would have to pay for a comparable apartment in New York City, the newer buildings in these locations continue to gain favor with renters.

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