Construction underway at Hoboken Urby, a 16‑story, 345‑unit mixed‑use development at 256 Observer Highway in Hoboken.
256 Observer Highway, Hoboken, NJ, September 6, 2025
A $162 million senior construction loan has been approved to finance Hoboken Urby, a 16‑story, 418,332‑square‑foot Class A mixed‑use building at 256 Observer Highway. The project will deliver 345 apartments — 307 market‑rate and 38 affordable — with roughly 17,000–17,425 sq ft of street‑level retail, a 152‑space parking garage and a full suite of amenities including a café, speakeasy, fitness center, landscaped deck and rooftop dog run. BlueGate Partners led the capital execution for the developer affiliate, and vertical construction is already underway with completion expected within a few years.
A $162 million senior construction loan has been provided by a national lender to an affiliate of the developer behind a new 16‑story mixed‑use building at 256 Observer Highway in southern Hoboken, N.J. The loan finances the ground‑up build of Hoboken Urby, a 418,332‑square‑foot Class A multifamily development with street‑level retail that totals 345 units.
The financing is a senior construction loan for $162 million, approved for an affiliate of Ironstate Holdings. The on‑the‑ground transaction was secured by a capital execution team led by BlueGate Partners on behalf of Urby and the developer. Members of the BlueGate execution team include Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis and Jeremy Silber.
Hoboken Urby sits on roughly 1.1 acres at the corner of Observer Highway and Park Avenue. The building rises 16 stories and contains 418,332 square feet of construction, including between 17,000 and 17,425 square feet of retail space at the base, which is expected to include a café. A parking garage with 152 spaces is reported in public filings.
The residential program totals 345 units, divided into 307 market‑rate apartments and 38 affordable units. The unit mix by type is:
The building will include a range of on‑site amenities intended for a Class A market: a café, speakeasy, 24/7 concierge, landscaped amenity deck with BBQ grills, fitness center, rooftop dog run and other open spaces. Unit interiors are reported to feature stainless steel appliances, engineered wood flooring, custom shelving, Terrazzo tile in bathrooms, walk‑in showers and electronic access control.
The site is less than one quarter mile from the Hoboken PATH station and a few blocks from Hoboken Terminal, giving residents fast links to Manhattan. PATH travel times cited for the location are about 11 minutes to the World Trade Center and 16 minutes to 33rd Street. Additional NJ Transit commuter rail and ferry service are within walking distance, and the building will be walkable to Hoboken’s main retail thoroughfare on Washington Street.
Reports indicate construction began immediately and the development has already started to rise above grade. The project is expected to reach completion in early 2028, subject to typical construction scheduling and permitting changes.
Hoboken has seen strong population and rental demand growth in recent decades but faces a constrained development pipeline because of limited land and lengthy approvals. New projects that break ground are notable for adding supply. Nearby activity includes a recently topped‑out high‑rise in neighboring Jersey City that will add hundreds of units to the regional market when it delivers.
The lender framed the loan as an opportunity to finance a sizeable, transit‑oriented multifamily property with a borrower that has local experience. The capital execution team supporting the financing emphasized design quality, finishes and connectivity to Manhattan as key components of the project’s market position.
With the construction loan in place and vertical work under way, developers and lenders will move forward with heavy construction, tenant fit‑outs, retail leasing and amenity build‑outs over the next two to three years. The project will add new apartments of various sizes, including family‑sized three‑bedrooms, and will bring street‑level retail and open amenity spaces to the southern edge of Hoboken.
Hoboken Urby is a 16‑story, Class A mixed‑use apartment building at 256 Observer Highway with 345 apartments and street‑level retail.
A national lender provided a $162 million senior construction loan to an affiliate of the developer. A capital execution team from a private investment firm arranged the financing on behalf of the developer and operating partner.
The project includes 38 affordable units out of 345 total apartments.
Construction has started and the current target for completion is early 2028, subject to normal scheduling risks.
The site is within a short walk of the Hoboken PATH station and Hoboken Terminal, with PATH rides to Manhattan in roughly 11 to 16 minutes and additional NJ Transit and ferry options nearby.
Planned amenities include a café, speakeasy, 24/7 concierge, a landscaped deck with grills, fitness center, rooftop dog run and multiple open spaces.
| Feature | Detail |
|---|---|
| Project name | Hoboken Urby |
| Address | 256 Observer Highway, Hoboken, NJ (corner of Observer Hwy & Park Ave) |
| Site size | Approximately 1.1 acres |
| Building size | 418,332 square feet |
| Stories | 16 |
| Total units | 345 (307 market‑rate; 38 affordable) |
| Unit mix | 29 studios (8%), 220 one‑beds (64%), 61 two‑beds (18%), 35 three‑beds (10%) |
| Retail | ~17,000–17,425 sq ft (including a café) |
| Parking | 152 spaces (reported) |
| Amenities | Café, speakeasy, 24/7 concierge, landscaped deck with BBQs, fitness center, rooftop dog run, open spaces |
| Transit | Under 0.25 mile to PATH; PATH ~11 min to WTC, ~16 min to 33rd St; NJ Transit rail and ferries nearby |
| Financing | $162 million senior construction loan |
| Execution team | BlueGate execution team: Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis, Jeremy Silber |
| Schedule | Construction started / project rising; expected completion early 2028 |
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