A redevelopment effort that has transformed vacant land and an abandoned factory into a mixed-use complex with green space has changed hands as the project is slated to finish its latest phase later this year.
Funds managed by affiliates of Strategic Value Partners LLC, One Investment Management, RXR, and Columbia Property Trust recently announced that they have acquired Hudson House, an 829-unit mixed-use project at the northern end of Downtown Jersey City. The original developer, Manhattan Building Company, sold the asset with assistance from JLL.
The entirety of the development consists of three new residential towers plus a five-story factory that was first constructed in the 1920s by the Continental Can Company. The facility was taken over by Emerson Radio and served as a manufacturing facility for records, televisions, and more during Jersey City’s manufacturing heyday.
The project was first pitched under the name Emerson Lofts, with Jersey Digs breaking the news when the project was approved in 2018. The first phase is a 26-story tower with 351 apartments, while the second phase is set to feature 338 units in another 26-story high-rise.
Phase three, the adaptive reuse of a six-story warehouse, is to encompass 140 residences. That portion, plus the second phase, are both slated to begin leasing operations later this summer.
Common area amenities at the new phases will include a swimming pool with deck, a fitness center with three saunas, a yoga studio, a golf simulator and multiple resident lounges. The property will also include about 48,000 square feet of ground-floor retail space.
The entirety of the Hudson House project includes approvals for a fourth 26-story tower just west of the historical building, but a timeline for that phase has not been released.
“Hudson House is a transformative project for the Jersey City residential market, and we are pleased to be partnering with OneIM, RXR, and CXP,” said Mike Ungari, Head of Real Estate at Strategic Value Partners. “This investment highlights our shared ability to navigate complex capital structures and vision to drive long-term value creation through collaboration in institutional-quality real estate.”
The transaction involved the refinancing of the current senior mortgage through a new loan that was secured from Apollo Global Management affiliates. The fresh financing is intended to support the completion of construction, the leasing process, and some additional property enhancements.
Located at 315 15th Street, Hudson House sits across the road from Coles Street Park. The greenspace was constructed by the original developer Manhattan Building Company as a community giveback.
The development is situated within an emerging neighborhood that was neglected for decades before revitalization hit. Recent improvements include a street beautification initiative, and other major developments include on at 286 Coles Street are poised to begin construction soon.
