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 approved to build Hoboken Urby, a 16‑story, 418,332‑square‑foot mixed‑use development at 256 Observer Highway on the southern edge of Hoboken, N.J. The financing was provided by PCCP and arranged by a development team led by an affiliate of Ironstate Holdings and represented by BlueGate Partners.
The ground‑up project sits on roughly 1.1 acres at the corner of Observer Highway and Park Avenue and will contain 345 residential units with roughly 17,000–17,425 square feet of street‑level retail, including a café. The residential mix includes 307 market‑rate units and 38 affordable units.
Unit types are broken down as follows: 29 studios (8%), 220 one‑bedrooms (64%), 61 two‑bedrooms (18%), and 35 three‑bedrooms (10%). The building will also include a 152‑space parking garage and large common amenity areas.
On‑site amenities reported for the project include a café, a speakeasy, 24/7 concierge, a landscaped amenity deck with BBQ grills, a fitness center, a rooftop dog run, and multiple open spaces. Unit interiors will feature stainless steel appliances, engineered wood flooring, custom shelving, Terrazzo tile in bathrooms, walk‑in showers, and electronic latch access control.
The site is less than a quarter mile from the Hoboken PATH station and only a few blocks from Hoboken Terminal, making the property highly transit‑oriented. PATH ride times to Manhattan neighborhoods are quick: approximately 11 minutes to the World Trade Center and about 16 minutes to 33rd Street. Additional access to NJ Transit commuter rail and ferry service further connects residents to Manhattan and regional destinations. The building will be walkable to Hoboken’s primary retail corridor on Washington Street.
Construction is beginning immediately and the project has reportedly already started vertical work. The development is expected to be completed in early 2028.
The $162 million senior construction loan was provided by PCCP. The borrower is an affiliate of Ironstate Holdings, with BlueGate Partners arranging the financing on behalf of Urby and the owner. Members of the BlueGate execution team named in project filings include Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, Eli Zaoutis and Jeremy Silber.
Hoboken has seen strong long‑term population growth but a relatively constrained development pipeline in recent years. Observers point to scarce developable land and lengthy construction approval and delivery timelines as reasons for a bottleneck in new housing supply. Nearby large projects continue to move forward, including a recently topped‑out high‑rise across the river in Jersey City that pushes several hundred units toward delivery next year, underscoring continued demand for transit‑proximate housing in the region.
The financing enables a sizable Class A multifamily tower in a compact urban parcel and adds market‑rate and affordable apartments in a highly walkable, transit‑connected corner of Hoboken. The project aims to combine modern finishes, a broad amenity package, and quick Manhattan access — features developers expect will meet strong local rental demand.
The project is backed by a $162 million senior construction loan provided by PCCP.
The borrower is an affiliate of Ironstate Holdings. BlueGate Partners arranged the construction financing on behalf of the owner and the Urby brand.
The building will have 345 units total: 29 studios, 220 one‑bedrooms, 61 two‑bedrooms, and 35 three‑bedrooms. There are 307 market‑rate and 38 affordable units.
The site is about 1.1 acres. The building is approximately 418,332 square feet and rises 16 stories.
Construction is underway and the project is expected to be complete in early 2028.
The property sits less than a quarter mile from the Hoboken PATH station and is a few blocks from Hoboken Terminal, with PATH trips to Manhattan in roughly 11 to 16 minutes. NJ Transit rail and ferries are also available.
| Feature | Detail |
|---|---|
| Project name | Hoboken Urby |
| Address | 256 Observer Highway (corner of Observer Highway & Park Avenue) |
| Loan amount | $162,000,000 (senior construction loan) |
| Developer / borrower | Affiliate of Ironstate Holdings; financing arranged by BlueGate Partners |
| Building size | 418,332 SF, 16 stories |
| Site size | Approx. 1.1 acres |
| Units | 345 total (307 market‑rate, 38 affordable) |
| Unit mix | 29 studios (8%), 220 1‑beds (64%), 61 2‑beds (18%), 35 3‑beds (10%) |
| Retail | Approx. 17,000–17,425 SF, includes a café |
| Parking | 152 spaces reported |
| Amenities | Café, speakeasy, concierge, landscaped deck with BBQ, fitness center, rooftop dog run, and more |
| Transit | Under 0.25 mile to PATH; PATH to World Trade Center ~11 min, to 33rd Street ~16 min; NJ Transit rail and ferry access nearby |
| Schedule | Construction started; completion expected early 2028 |
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