Tishman Speyer Expands in Jersey City

Tishman Speyer Advances Major Jersey City Development

The firm secured a $331M loan for 50 Hudson Street, a 40-story building set to include 924 rental units and 10,000 square feet of retail. This Jersey City tower marks the second phase of a broader waterfront project, per The Real Deal.

Major Financing Backed by…

Caisse de Dépôt et Placement du Québec, a major Canadian pension fund, led the investment. Tishman had already broken ground on 55 Hudson Street, the neighboring tower, before securing this latest loan.

A Two-Tower Project with Big Numbers

Once complete, the two towers will bring over 2,000 apartments to Jersey City. They’ll also feature more than 70,000 SF of retail and a 32,000 SF waterfront plaza. Tishman purchased both sites from Goldman Sachs just over a year ago.

Construction Progress

Construction on 55 Hudson Street began in 2023. The 58-story tower, which includes over 1,000 units, is on track for completion in early 2027. Otera Capital provided $300M in financing for that phase.

Jersey City’s Growth Momentum Continues

Its proximity to Manhattan and slightly lower rental costs have made it a hot spot. In 2024 alone, North Jersey added nearly 18,000 units. Another 13,000 were either under construction or pre-leasing by year’s end.

More Developers Are Jumping In

Last month, BXP, the Albanese Organization, and CrossHarbor Capital Partners teamed up on a 670-unit project at 290 Coles Street. The $400M development will occupy a full city block in the SoHo West neighborhood.

Looking Ahead

Tishman plans to begin construction at 50 Hudson Street soon, with completion targeted for 2028. As more developers enter the market, Jersey City continues to evolve into a top destination for large-scale residential projects.