JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $331 million construction loan from global investment group CDPQ for a 40-story multifamily tower in Jersey City.
With financing in place, Tishman Speyer plans to begin construction in the coming weeks and deliver the building in 2028. The project is the sister building of 55 Hudson Street, a 58-story, 1,017-unit apartment building that is under construction and slated for an early 2027 completion.
The riverfront site at 50 Hudson St. is located 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 for 50 Hudson Street call for 924 units in studio, one- and two-bedroom floor plans, as well as 10,000 square feet of street-level retail space.
The two buildings will share roughly 75,000 square feet of indoor and outdoor amenity space, and the development as a whole will feature more than 60,000 square feet of retail, restaurant and entertainment space. In addition, the development will have a 32,000-square-foot waterfront plaza that will connect to Jersey City’s esplanade and 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 Construction Group will serve as the general contractor for 50 Hudson Street. 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.
Since 1989, Tishman Speyer has added approximately 33,000 units of rental apartments and for-sale condominiums to various U.S. and international markets. Today, the company has more than 9,000 units in its residential development pipeline. Since its inception in 1978, Tishman Speyer has acquired, developed and operated 564 properties totaling 228 million square feet with a combined value of over $129 billion.
— Taylor Williams