Tarragon, URSA Developing 217-Unit Rental

HOBOKEN, NJ-Tarragon Corp. and locally based partner URSA Development Group are moving ahead with 800 Madison, a six-story, 217-unit rental residential building here. For the New York City-based Tarragon and URSA, the project represents their sixth venture in this city’s Upper Grand neighborhood.

The units at 800 Madison are expected to be ready for occupancy by later this year. In the meantime, the partners have opened a leasing office for the property around the corner at 1130 Adams St. Tarragon sources did not reveal the construction cost to GlobeSt.com.

“We expect its location, amenities and design to attract residents who are looking for a lifestyle that includes large apartments in an urban setting,” says William Rosato, president of the Tarragon Development unit of parent Tarragon Corp.

The new 800 Madison follows the partners’ completion of the 217-unit 1000 Jefferson, which was sold earlier this year to ING Clarion Partners for $116.2 million, or $535,500 per unit. That building is currently 95% leased and 90% occupied after a seven-month stabilization.

The previous five Tarragon/URSA buildings within Upper Grand were 1200 Grand, 1300 Grand, 1100 Adams and 1118 Adams. When fully built out, the Upper Grand neighborhood’s stock of new residential units is expected to add up to 1,400, along with nearly 15,000 sf of retail space, public parks and recreational facilities.