Tishman Speyer Buys Land Underneath Jersey City Project

Tishman Speyer now owns the dirt at a pair of waterfront sites it’s developing in booming Jersey City.

Rob Speyer’s firm purchased the land beneath 50 and 55 Hudson Street from Goldman Sachs, Bloomberg reported. Terms of the deal were not disclosed.

Goldman Sachs declined to comment to the publication and a representative for Tishman Speyer declined to comment to The Real Deal. The purchase has not appeared in public records.

“This acquisition demonstrates our conviction in the neighborhood as well as in our long-term vision for these two world-class residential towers,” Rob Speyer said in a statement.

Tishman started construction on the larger of the two towers, 55 Hudson, in December. The 58-story tower is expected to be completed in early 2027 with more than 1,000 rental units.

Tishman will then move on to 50 Hudson, a 48-story project expected to have more than 900 apartments.

All told, the development will feature nearly 2,000 units, more than 70,000 square feet of retail space and a 32,000-square-foot plaza on the waterfront.

Late last year, Otera Capital provided $300 million in financing to fund the project. It was one of many major construction loans to developers in Jersey City at a time when the real estate lending market was challenging.

The city’s development boom is being driven by rising rents and friendly regulators. In February, the median asking rent for listed one-bedroom apartments in Jersey City was the second priciest in the entire nation, according to Zumper, trailing only New York City.

Between 2010 and 2022, Jersey City permitted approximately three times as many housing units than New York City per capita, according to an analysis of Census Bureau and New York City Planning data.

— Holden Walter-Warner