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JERSEY CITY | 50 Hudson Street | 481 FT | 48 FLOORS

So much demand and growth in JC, I assume there’s a lot of spillover demand from NYC?

Yes a ton. Arguably one of the reasons the demand is so high. While JC is still expensive, its somewhat considered a bargain compared to across the Hudson.

This was approved via the Jersey City Planning Board.

Oh wow, so the taller of the two is starting first! Nice to see these lots finally bite the dust!

Tishman Speyer Acquires 50 And 55 Hudson Street For Two-Tower Project In Jersey City

Quote:

Tishman Speyer has completed the acquisition of land for a new mixed-use development at 50 Hudson Street and 55 Hudson Street in Jersey City. The project, which has been designed in collaboration between Handel Architects, Marchetto Higgins Stieve Architects, and landscape architect Melillo Bauer Carman, is situated on the Hudson River waterfront and plans to yield approximately 2,000 apartments.

The project will consist of two towers. The first, 55 Hudson Street, plans to stand 58 stories tall and is expected to open in early 2027. It will offer 1,017 rental apartments, around 60,000 square feet of retail space, and approximately 75,000 square feet of resident amenities. 50 Hudson Street, the second tower, will stand 48 stories tall and yield 924 rental units and 10,000 square feet of retail space.

Key to the development of 50 and 55 Hudson Street is the inclusion of a 32,000-square-foot public plaza that will span the distance between the two buildings and provide access to the waterfront esplanade. Key stakeholders are optimistic that the plaza will attract a variety of public events and make the development a positive impact on the surrounding community.

“This [land] acquisition demonstrates our conviction in the neighborhood as well as in our long-term vision for these two world-class residential towers,” said Tishman Speyer CEO Rob Speyer. “With 50 and 55 Hudson, we are making a lasting impact on the Jersey City waterfront.”

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NYY

https://financialpost.com/real-estate/jersey-city-luxury-apartments-get-loan-from-cdpq

Jersey City luxury apartments get US$331 million loan from CDPQ
Tishman Speyer is already constructing the first phase of the project, a 58-story building with 1,017 units, expected to open in 2027

Natalie Wong
Apr 11, 2025

Quote:

Tishman Speyer Properties LP landed a construction loan to proceed with the second tower in its luxury rental development on the Jersey City waterfront.

The 924-unit tower — directly across the Hudson River from lower Manhattan — will have 10,000 square feet (929 square meters) of retail space at the base. As part of the project, Tishman Speyer will create a public plaza connecting with Jersey City’s waterfront esplanade.

Intense competition for apartments in Manhattan is keeping rents close to record highs, making luxury towers in Jersey City a potentially attractive option for both tenants and investors. Tishman Speyer is already constructing the first phase of its waterfront apartment project, at 55 Hudson St. That 58-story building, with 1,017 units, is expected to open in early 2027.

50 and 55 Hudson is equivalent to the scope of the 100 Gold proposal over the river, yet, 2027 completion and rising. That's called efficiency. Learn across the river, cough cough. No 5 years of community engagement, units just rise in Jersey City.

2000 units is quite big for U.S. standards, in two towers.

For anybody who has been to JC recently, all you'll see is construction. City is booming!

Quote:

Originally Posted by chris08876 (Post 10409427)

To be fair, you’re getting that many units and more on the Pfizer block alone, but that’s due to conversion. The problem has long been the restrictive FAR on development in New York. But the tide is turning on that as the city raises the FAR in certain areas, thanks to the state finally taking action. City owned properties still have to go through years of scuping/community engagement/and ULURP. Thats why broad scale rezonings, like we see in Midtown South and Long Island City are neccessary. Get people out of the way so much needed housing can be built as-of-right.

Jersey City saw the demand, and took advantage of proximity to Manhattan. That was a no brainer. The tradeoff, of course, is that JC now has average rents above Manhattan. But they will figure that out too.

oh wow seems like i was just over there and nothing doing — so its great to see this underway so quickly.