Tishman Speyer Acquires Land Beneath Their 2,000-Unit Jersey City Development

The largest residential project under construction along the Jersey City waterfront is now a solo endeavor, as real estate giant Tishman Speyer has purchased rights to land underneath two upcoming high-rises.

The company recently announced that it acquired the land tied to its ongoing mixed-use development in Jersey City. The two-tower development at 50 and 55 Hudson Street will transform two blocks of parking facilities into nearly 2,000 new apartments, over 70,000 square feet of retail and a 32,000-square-foot public plaza with a direct connection to the Hudson River waterfront,

Tishman Speyer commenced construction in December on 55 Hudson Street, a 58-story tower set to feature 1,017 rental apartments. Jersey Digs was the first outlet to publish renderings of the project after it was approved by Jersey City’s planning board in 2022.

The tower will top out at 637 feet and feature a six-story podium base with approximately 60,000 square feet of new street-level retail and 75,000 square feet of world-class indoor and outdoor resident amenities.

A new parking garage with 378 parking spaces that includes 539 bicycle spots will be built under the 55 Hudson Street section, which includes a seventh-floor amenity deck with an outdoor pool, tennis courts, a dog run, garden area, and grilling sections. 55 Hudson’s 57th floor is also set to feature an amenity space that includes indoor and outdoor areas.

The second phase of the project, at 50 Hudson Street, will reuse an existing 467-space garage while adding a 48-story tower with 924 rental apartments and 10,000 square-feet of retail.

That portion of the work will beautify the streetscape a bit, as the work will expand an existing retail and seating area along Morris Street by about an acre and add stadium seating areas along the Hudson River.

“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 land set to house the pair of towers was owned by Goldman Sachs, who have had a major presence in Jersey City since the 2004 opening of their headquarters at 30 Hudson Street. The current properties, which span about two acres, had been intended for office space when the company purchased the land decades ago.

The project is a short walk from the Exchange Place PATH station, near several stops along the Hudson Bergen Light Rail, and close to ferry service via NY Waterway. Tishman obtained a $300 million construction loan to fund the development late last year.

Tishman Speyer collaborated with Handel Architects, MHS Architecture, landscape architects Hollander Design and Melillo Bauer Carman, and interior designer Michaelis Boyd on the massive project. The first tower is expected to open in early 2027.