Buyer wanted for new 350-unit luxury rental tower in Jersey City – Real Estate NJ

Hudson House at 315 15^th St. in Jersey City — Courtesy: JLL

By Joshua Burd

A newly built, 350-unit apartment tower in one of Jersey City’s fast-growing neighborhoods is on the market for sale, under a newly announced offering by JLL.

Located at 315 15^th St., the property known as Hudson House opened in 2021 and is projected to draw offers around $250 million. The 27-story high-rise is currently 95 percent leased across a mix of units ranging from studios to three-bedroom homes, JLL said, noting that it’s part of the SoHo district that is just south of Hoboken and west of the Holland Tunnel approach.

Additionally, the market-rate property is the first phase of a four-phase, ground-up development across 3.67 acres called Emerson Lofts.

“Hudson House offers investors the rare opportunity to acquire a recently constructed, Class A luxury multi-housing community in highly desirable Jersey City,” JLL wrote in its marketing materials. “Additionally, investors have the ability to acquire and control all four phases of the redevelopment, totaling 1,098 units.”

The JLL marketing team on the assignment includes Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Michael Zlotnick, with Matthew Pizzolato and Gerard Quinn available for debt advisory. They noted that amenities at Hudson House include a rooftop lounge with an outdoor patio and grill, a pool deck with cabanas, a modern fitness center and a basketball court, among others, while the building benefits from 500 covered parking spaces.

Residents, meantime, are minutes from a host of shopping, dining and entertainment options in both Jersey City and Hoboken and two miles from Hoboken Terminal, which offers service on seven NJ Transit train lines, nine bus lines and the PATH system. Also nearby is the entrance to the New Jersey Turnpike’s Newark-Bay Extension and access to Route 1&9.

JLL noted that in-place rents at Hudson House are $3.94 per square foot, lower than Class A in-place rents in downtown Jersey City and the city’s burgeoning Journal Square district, which are $4.35 and $4.70 per square foot, respectively. That provides room for growth at a building that has historically high occupancy rates.

According to the marketing materials, the second and third phases of Emerson Lofts are under construction and will result in another 338 units in fall 2024 and 140 units in fall 2025, respectively. Phase two will share a rooftop lounge and pool deck with Hudson House, while all other amenities will be used by residents of each subsequent building.

The fourth phase, which calls for 270 units, is slated for delivery by mid-2026 and will be adjacent to phase three.