Tishman Speyer Acquires Land Beneath its 50 and 55 Hudson Residential Projects

On Mar 19, 2024

Tishman Speyer has acquired the land tied to its ongoing two-tower development at 50 and 55 Hudson Street. The project will incorporate nearly 2,000 new apartments, over 70,000 square feet of retail and an approximately 32,000-square-foot public plaza with a direct connection to Jersey City’s waterfront esplanade. Located on the city’s waterfront, the development offers sweeping views of New York Harbor, the historic Paulus Hook neighborhood and iconic Manhattan skyline.

Tishman Speyer commenced construction in December on 55 Hudson Street, a 58-story tower that will encompass 1,017 rental apartments, approximately 60,000 square feet of new street-level retail and 75,000 square feet of world-class indoor and outdoor resident amenities. The tower is expected to open in early 2027.

The second phase of the project, located at 50 Hudson Street, will include a 48-story tower with 924 rental apartments, ranging from studios to two-bedrooms, along with 10,000 square-feet of retail and a host of additional indoor and outdoor resident amenities. The waterfront plaza, which will be activated by a range of community events, will be constructed in conjunction with the tower.

“This 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.”

The project, which was approved by the Jersey City Planning Board in late 2022, sits adjacent to the NJ PATH, Light Rail and fast ferries to New York. A boat ride to Lower Manhattan is just seven minutes.

At 55 Hudson, Tishman Speyer collaborated with a world-class architectural and design team including Handel Architects, Marchetto Higgins Stieve Architects, landscape architects Hollander Design and Melillo Bauer Carman and interior designer Michaelis Boyd. Each building will be outfitted with Energy Star-certified appliances and seek Fitwel Certifications.

Tishman Speyer’s Jersey City development is the latest addition to its growing national and international residential platform. Since making its first investment in residential in 1989, the firm has added over 25,000 units of both for rent apartments and for sale condos in the United States, Brazil, China and across Europe. Today, Tishman Speyer has more than 8,900 units in its residential development pipeline.

Over the past year alone, Tishman Speyer has added 1,100 units across three residential communities in Boston, Atlanta and Chicago. During this same period, Tishman Speyer has commenced construction on approximately 2,300 rental units in mixed-use projects in the Boston, New York City, Washington, DC and Los Angeles regions and won two major residential asset management mandates in Germany. In addition to its geographic diversity, Tishman Speyer’s multifamily acquisitions and developments are designed to serve residents across the income spectrum – from affordable and workforce housing to luxury market-rate rentals.

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