Page 42 - RE-NJ

40 APRIL 2025
BXP JOINS ALBANESE, CROSSHARBOR
FOR JERSEY CITY RENTAL TOWERS
A development team has unveiled
plans to bring another 670 luxury
apartments to Jersey City under a
$400 million project that would rise
just south of the Hoboken border.
BXP, the real estate investment
trust, announced in early March
that it has formed a joint venture
with CrossHarbor Capital and the
Albanese Organization to develop
290 Coles St., where the firms
are set to build two towers with
parking and street-level retail
space. It would be among the latest
additions to the so-called SoHo
West neighborhood, which is named
for its proximity to Hoboken and
sits just west of the Holland Tunnel,
where thousands of new rental
homes have helped reimagine a
former industrial district.
MHS Architecture designed the
project, which will occupy a 1.75-
acre block bounded by Coles
Street, Jersey Avenue and 16th and
17th streets. Construction, which
is being managed by K L Masters
Construction Co., is expected to
conclude in early 2028.
“We’re excited to partner with
Albanese
Organization
and
CrossHarbor
Capital to
expand our
residential
portfolio to
include 290
Hilary Spann
Coles,” said
Hilary Spann, BXP’s executive
vice president for the New York
region. “The project will add
highly desirable housing with
standout amenities in a vibrant
neighborhood. Located minutes
from Manhattan, 290 Coles
underscores our commitment to
intelligent design, great location and
the seamless integration of living
and working.”
BXP and Albanese will oversee
development of the market-rate
project, with plans calling for
towers of 14 and 22 stories atop an
eight-story podium, along with more
than 350 parking spaces and 13,000
square feet of retail space. They
also expect residents to have views
of the Hudson River and Manhattan
skyline, while benefiting from a
newly completed park adjacent to
the property.
Additionally, renters will have access
to more than 70,000 square feet of
indoor and outdoor amenity spaces,
including coworking facilities, a
fitness center, a courtyard and
Rendering by MHS Architecture
A project by BXP, CrossHarbor Capital and the Albanese Organization calls for two towers with a combined 670 luxury apartments,
more than 350 parking spaces and 13,000 square feet of retail space at 290 Coles St. in Jersey City.
terraces, an outdoor pool and an
indoor-outdoor rooftop sky lounge.
Hoboken Terminal is about a mile
away, offering a host of mass transit
options, as are the downtowns of
Hoboken and Jersey City.
“Albanese is thrilled to unveil
its partnership with BXP and
CrossHarbor as we prepare to break
ground on 290 Coles next month,”
said Chris Albanese, the firm’s
president. “Albanese previously
partnered with CrossHarbor to
purchase the land, and we are
excited to further strengthen the
partnership with BXP. We look
forward to building a luxury rental
building that we believe will be
uniquely positioned within the
exciting SoHo West neighborhood
in Jersey City, which has seen
significant demand and investment.”
According to a news release,
BXP owns a 19 percent common
equity interest in the venture,
while Albanese owns 14 percent
and CrossHarbor Capital owns the
remaining 67 percent. BXP will also
provide $65 million in preferred
equity as additional project funding.
BNY, as administrative agent
and arranger, led the financing
of a $225 million senior secured
construction loan in a three-bank
deal that includes U.S. Bank
National Association and Banco
Bilbao Vizcaya Argentaria as co-
syndication agents.
“We are proud to collaborate with
BXP and the Albanese Organization
on this exciting opportunity,” said
Tom Stevens, partner and co-
portfolio manager at CrossHarbor
Capital. “As a firm that invests in
high-quality projects nationwide,
we have strong confidence in the
continued growth and strength
of the Jersey City market. With
BXP’s and Albanese’s development
expertise, we look forward to
leveraging our combined strengths
to create a well-located, top-tier
property that will enhance the
neighborhood and help meet
the rising demand for Class A
multifamily housing.”
Additional members of the design
team include ICOR Consulting
Engineers, DeSimone Consulting
Engineering, Dresdner Robin,
Meshberg Group and The Marketing
Directors. Legal representation
associated with the new venture
included Fried, Frank, Harris,
Shriver & Jacobson, Goulston &
Storrs, Adler & Stachenfeld and
Troutman Pepper Locke.