Construction continues on 55 Hudson Street, a 58-story residential tower on the Hudson River waterfront that is set to transform Jersey City’s skyline. Developed by Tishman Speyer, the tower is the first phase of a two-building master plan that also includes a second residential tower at 50 Hudson Street.
Land Acquisition and Early Planning
A key milestone for the project occurred in March 2024, when Tishman Speyer completed a strategic land acquisition covering the sites for both 55 Hudson and the future 50 Hudson towers. The property was acquired from Goldman Sachs, which had held the site since the early 2000s. This acquisition marked a significant step in solidifying the developer’s long-term vision for the Paulus Hook neighborhood.
Permitting and Regulatory Approvals
The project reached its first major regulatory milestone in late 2022, when the Jersey City Planning Board granted full site plan approval for the two-tower development. The approved plans called for a 58-story tower standing approximately 637 feet tall. Detailed permitting continued in 2024 and 2025, with major structural and building permits issued in March 2024 and subsequent updates through April 2025.
Financing
Tishman Speyer secured full funding for the 55 Hudson tower in December 2023. The financing included a $300 million construction loan from Otera Capital, a Montreal-based institutional lender, providing the necessary capital to move from planning into construction. The second tower, 50 Hudson, later secured its own $331 million construction loan in April 2025, supporting the next phase of the master plan.
Construction Timeline and Milestones
Early excavation work began in October 2023, preceding the final loan closing. The official groundbreaking for 55 Hudson took place in December 2023 following the finalization of financing. Construction is managed by a joint venture between Noble Construction and Hunter Roberts.
As of late 2025, the tower remains under active construction. Work has progressed above ground level, with structural elements and facade installation well underway. The project is being built to high-performance standards and aims to achieve Fitwel and Energy Star certifications.
Project Features
When completed, 55 Hudson Street will deliver 1,017 rental apartments, including studios, one-bedroom, and two-bedroom units. The tower will also feature approximately 60,000 square feet of street-level retail and restaurant space and roughly 75,000 square feet of indoor and outdoor amenities, including an outdoor pool, tennis courts, a dog run, and a top-floor indoor/outdoor lounge.
Public space is a key component of the development. A 32,000-square-foot waterfront plaza will connect the towers to the Jersey City esplanade, creating pedestrian access to the waterfront and enhancing the public realm.
55 Hudson Street is on track for completion in the fourth quarter of 2026, with an official opening and occupancy expected in early 2027. Preparatory work for 50 Hudson is underway following its financing close, with construction projected to continue through 2028. Together, the two towers will add nearly 2,000 residential units and significant public space to Jersey City’s waterfront, further reshaping the skyline and residential landscape of the Paulus Hook neighborhood.
The 55 Hudson Street project is not the only major development reshaping Jersey City’s waterfront. Harborside 8, a 65-story residential tower, is set to break ground early next year. The developer has secured $306 million in senior non-recourse construction financing along with $78 million in preferred equity to cover both the land purchase and vertical construction, signaling continued investment in high-density waterfront living.
Read also: The first residential buildings have broken ground at the Philadelphia Navy yard
