JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $300 million construction loan from Otera Capital for a 58-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction later this month and deliver the building in early 2027.
The property will be located at 55 Hudson St. along the Hudson River in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans call for 1,017 units in one-, two- and three-bedroom floor plans. The building will also feature 75,000 square feet of indoor and outdoor amenities and 60,000 square feet of retail and restaurant space.
The development of 55 Hudson will be followed by 50 Hudson, a 48-story apartment tower that will include comparable indoor and outdoor amenities. When completed, the two-building development will boast nearly 2,000 new apartments, over 70,000 square feet of retail space and a 32,000-square-foot waterfront plaza. The plaza, which will provide a direct connection to Jersey City’s esplanade, will be available for community events.
The design team for the project includes Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design and Melillo Bauer Carman and interior designer Michaelis Boyd. A joint venture between Noble Construction and Hunter Roberts will serve as the general contractor for 55 Hudson. Both buildings will be outfitted with Energy Star-certified appliances and seek Fitwel certifications, which are designed to recognize wellness features that owners have implemented in the shared spaces and utility systems in commercial and residential buildings.
Editor’s Note: As of mid-March 2024, Tishman Speyer had acquired the land on which both buildings will be constructed.
— Taylor Williams