BXP, Partners to Develop Jersey City Apartments
The two towers will have views of Manhattan.
BXP has formed a joint venture with CrossHarbor Capital and Albanese Organization to develop 290 Coles Street, a 670-unit market-rate residential community in Jersey City, NJ. The property is slated for completion in early 2028.
The property will be on a full-block, 1.75-acre site between Coles Street, Jersey Avenue and 16th and 17th Streets in Jersey City. 290 Coles Street will be formed by an eight-story podium and two towers at 14- and 22-stories, and include more than 350 parking spaces, as well as 13,000 square feet of ground-level retail.
Common-area amenities will include co-working spaces, a fitness center, courtyard, terraces and outdoor pool. The property will also feature an indoor-outdoor rooftop sky lounge with views of Manhattan, a pet spa, chef’s kitchen and children’s playroom.
Project profile
Marchetto Higgins Stieve Architecture designed the property, with K L Masters Construction Co. serving as the general contractor. Other members of the development team include ICOR Consulting Engineers, DeSimone Consulting Engineering, Dresdner Robin, Meshberg Group and The Marketing Directors.
BXP owns a 19 percent common equity interest in the venture, with Albanese owning a 14 percent common equity interest. CrossHarbor Capital owns the remaining 67 percent common equity interest.
BXP will also provide $65 million in preferred equity as additional project funding. BNY, as administrative agent and arranger, led the financing of a $225 million senior secured construction loan provided by U.S. Bank, National Association and Banco Bilbao Vizcaya Argentaria.
READ ALSO: Will Lower Rates Bring Banks Back?
BXP owns a total of 53.3 million square feet and 185 properties, including seven properties under construction or redevelopment. Much of its portfolio is in office properties in Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.
Albanese is a privately held real estate firm specializing in commercial and residential buildings. CrossHarbor Capital currently has $10.2 billion in assets under management, including the Yellowstone Club in Big Sky, Montana, which it acquired out of bankruptcy proceedings in 2009.
Jersey City MF Development Slows
Apartment completions in the northern New Jersey market in 2025 will drop below 10,000 units for the first time in six years, Institutional Property Advisors forecasts. That would mean that the region would not be the most active multifamily development market in the Northeast for the first time in eight years.
Still, there will be tailwinds for demand in the sector, especially in areas close to Manhattan. In those places, such as Jersey City, renters looking for relatively lower rents and avoiding car congestion fees, IPA posits.
