Tishman Speyer is forging ahead with its massive Jersey City residential development.
The firm scored a $331 million loan for 50 Hudson Street, Bloomberg reported. The 924-unit building represents slightly fewer than half of the units Tishman is developing on adjacent waterfront lots.
Canadian pension fund Caisse de Dépôt et Placement du Québec led the financing at 50 Hudson, which is expected to include 10,000 square feet of retail space at the base. Construction on the 40-story tower is expected to begin soon, with completion projected for 2028.
Rob Speyer’s firm bought the land beneath both 50 and 55 Hudson Street from Goldman Sachs for an undisclosed price just over one year ago. At the time, Tishman had already begun construction on 55 Hudson, the largest of the two towers planned for the sites.
The 58-story tower is expected to be completed early in 2027. There are slightly more than 1,000 units planned for that project; Otera Capital provided $300 million in financing to fund the project in late 2023.
Altogether, the two buildings will feature more than 2,000 units, more than 70,000 square feet of retail space and a 32,000-square-foot plaza on the waterfront.
Jersey City is a mecca of residential development as companies look to take advantage of the city’s proximity to Manhattan without carrying the same rental burden (though Jersey City is also one of the most expensive rental markets in the nation).
Nearly 18,000 units were added in North Jersey last year and another 13,000 were either under construction or in the pre-leasing phase by year’s end.
Last month, BXP joined with the Albanese Organization and CrossHarbor Capital Partners to develop a 670-unit market-rate project at 290 Coles Street. The $400 million development will occupy a full-block site in Jersey City’s SoHo West neighborhood.
— Holden Walter-Warner
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