Tishman Speyer Secures $331M for Phase 2 of Jersey City Megaproject
The project will include nearly 2,000 units and a public esplanade on the Hudson River.
Tishman Speyer has closed on a $331 million construction loan for 50 Hudson St., a 40-story, 924-unit apartment tower located on Jersey City, N.J.’s Gold Coast. The tower is the second phase of a two-building project that will include 1,941 apartments and 70,000 square feet of retail space.
Canadian institutional investor CPDQ provided the financing.
According to Tishman Speyer, construction of 50 Hudson is expected to start this spring, with completion projected for 2028.
Development in phases
As previously reported by Multi-Housing News, the development’s larger first phase, 55 Hudson, will be a 58-story, 1,017-unit mixed-use community with 60,000 square feet of retail space. That project, capitalized via a $300 million construction loan from Otera Capital, broke ground in December 2023 and is expected to open in early 2027.
For 50 Hudson, Tishman Speyer has retained 55 Hudson’s design teams. Handel Architects and Marchetto Higgins Stieve Architects designed the building, while Hollander Design and Melillo Bauer Carman will be landscape architects. Michaelis Boyd will head up interior design.
Upon completion, 50 Hudson will include a mix of studio, one- and two-bedroom apartments outfitted with Energy Star-certified appliances. Select units will offer views of New York Harbor and the Lower Manhattan skyline.
According to Yardi Matrix, community amenities will include a swimming pool, a fitness center, and tennis and pickleball courts. The building will have 10,000 square feet of retail space on its ground floor, adding to the 60,000 square feet at 55 Hudson.
The community will have no shortage of dining, retail and entertainment options in the adjacent Paulus Hook neighborhood, and Liberty State Park is about a mile south. Transit options include PATH, NJ Transit’s light rail and a ferry to Lower Manhattan.
In addition to the project’s multifamily and retail space, Tishman Speyer will build a public plaza that will be connected to Jersey City’s waterfront promenade.
Hotspot on the Hudson
Despite a projected slowdown in apartment completions, Jersey City remains an investment and development hotspot, owing in part to the area’s lower rents compared to Manhattan, as well as far less traffic congestion. According to Institutional Property Advisors, Jersey City was the most active development market in the Northeast for the past eight years.
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Last week, Alpine development topped out on construction of Scholars Village, the 500-unit residential component of SciTech Scity, an under-development innovation campus. In March, a joint venture between BXP, CrossHarbor Capital and the Albanese Organization announced the development of 290 Coles St., a 670-unit market-rate community.
