ALBANESE, BXP, AND CROSSHARBOR BREAK GROUND ON $400 MILLION RESIDENTIAL DEVELOPMENT IN JERSEY CITY
The project will deliver 670 rental homes, expansive amenities, and new retail spaces, further catalyzing the SoHo West neighborhood’s growth near the Hoboken border
Jersey City, NJ – June 27, 2025 – The Albanese Organization, BXP (NYSE: BXP), and CrossHarbor Capital Partners today broke ground on 290 Coles Street, a $400 million residential development in Jersey City.
Located in the city’s evolving SoHo West neighborhood, near the Hoboken border, the site spans a full 1.75-acre city block bounded by Coles Street, Jersey Avenue, and 16th and 17th Streets. The development will deliver 670 apartments, complemented by 13,000 square feet of street-level retail, over 60,000 square feet of thoughtfully designed indoor and outdoor amenity spaces, and dramatic views of the Hudson River and Manhattan skyline.
Leadership from the development partnership hosted Mayor Steven Fulop, other city officials, and local dignitaries to mark the official start of construction.
“Breaking ground at 290 Coles reflects our continued belief in Jersey City as a great place to live and work, and our commitment to helping shape its future in thoughtful and lasting ways,” said Chris Albanese, President of the Albanese Organization. “This project represents more than new housing; it’s a meaningful step in further establishing SoHo West as a vibrant, integrated community. We’re proud to partner with BXP and CrossHarbor to bring this vision to life.”
“Today’s groundbreaking marks an important milestone in the development of 290 Coles Street, and we’re grateful to celebrate this occasion alongside our partners at Albanese Organization and CrossHarbor Capital,” said Hilary Spann, EVP, New York Region at BXP. “With its continued population growth, Jersey City is an attractive market for new multifamily developments. Boasting a robust amenities package, thoughtful design and a highly desirable location with close proximity to the Hoboken Terminal, 290 Coles will offer residents a premier living experience.”
“We are excited that construction on the project is underway, and value the expertise of our partners in the development of 290 Coles,” said Tom Stevens, CrossHarbor Partner and Portfolio Manager. “The property is in a prime location that we believe will continue to be in demand as the neighborhood is further transformed by high-quality developments.”
Designed by MHS Architecture, the development features two commanding residential towers rising 14 and 21 stories above a six-level podium that gracefully unites residences, amenity spaces, structured parking, and retail. The 21-story tower is crowned by a beautiful rooftop sky lounge and outdoor sky deck showcasing expansive views of the Manhattan skyline.
esidents will benefit from a carefully crafted suite of modern amenities and social spaces built for today’s urban lifestyle, including expansive co-working areas, a fitness center, rooftop sky lounge and sundeck, outdoor pool, golf simulator, chef’s kitchen, children’s playroom, and pet spa. Interiors, designed by award-winning, Brooklyn-based Meshberg Group, will feature a loft-inspired aesthetic that balances form, comfort, and utility.
290 Coles stands as one of the largest private investments in SoHo West in recent years, representing a significant milestone in the neighborhood’s evolution from an industrial past to a well-connected, contemporary residential district. The neighborhood has seen new retail options and public spaces alongside residential growth, supporting its emergence as a vibrant community.
The project sits adjacent to the newly-created Coles Street public park and offers convenient access to Hoboken Terminal’s multi-modal transit options, including PATH, NJ Transit, NY Waterway, and Hudson-Bergen Light Rail. It is also just two blocks from a Citi Bike station and close to downtown Jersey City and Hoboken.
This project marks the Albanese Organization’s second major residential development in Jersey City, following the successful delivery and lease-up of The Hendrix in the nearby Powerhouse Arts District, which is a 46-story tower at 180 Morgan Street that contains 482 units. With a 75-year history of transforming communities, Albanese is known for design-forward, sustainable developments that strengthen the urban fabric. Notably, the firm pioneered the nation’s first LEED-Gold and LEED-Platinum high-rise multifamily buildings in Battery Park City—developed in partnership with New York State and the Battery Park City Authority—reflecting its longstanding commitment to environmental responsibility and community building.
Construction of 290 Coles Street is being managed by K L Masters Construction Company, with completion expected in spring of 2028. Additional members of the design team include ICOR Consulting Engineers, DeSimone Consulting Engineering and Dresdner Robin.
Albanese is also an active developer of affordable housing, including Wyandanch Village in Suffolk County, a 40-acre project which includes multiple apartment buildings, retail space, a park and skating rink, and a new school and LIRR train station. Albanese also has numerous other affordable residential projects in the design phase on Long Island, Brooklyn, the Bronx, and Syracuse. In November 2024, New York State ESD designated Albanese to develop a $400 million Cell & Gene Therapy innovative biomedical campus on Long Island on property owned by Northwell Health.
For more information on the Albanese Organization, visit www.albaneseorg.com.
About BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2025, BXP’s portfolio, including properties owned by unconsolidated joint ventures, totaled 53.4 million square feet and 185 properties, including nine properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.
About CrossHarbor Capital
CrossHarbor Capital Partners is a leading real estate investment manager offering a multi-strategy investment platform providing investors with broad access to opportunities across property types, geographies, and the capital structure. With an investment track record of over $34 billion since it was founded in 1993, the firm currently has $10.7 billion in assets under management in several investment programs along the risk-return spectrum. Through its nation-wide, relationship-driven origination platform, disciplined investment approach, and highly experienced team of professionals, CrossHarbor seeks to generate consistent, risk-adjusted outperformance while focusing on capital preservation. In 2009, CrossHarbor acquired the Yellowstone Club in Big Sky, Montana out of bankruptcy proceedings, turning it into one of the world’s premier destinations. Its subsequent Big Sky investments are managed through its subsidiary, the Lone Mountain Land Company. CrossHarbor is based in Boston with offices in Chicago, Los Angeles, and Big Sky. For more information, please visit www.CrossHarborCapital.com.
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