A new real estate force has arrived on the scene. A team of seasoned industry leaders, many with roots at real estate giants like Brookfield Properties and Forest City, have joined together to create a new development firm called Esen. And they aren’t starting small. To kick things off, Esen has announced a massive $1.5 billion mixed-use development project right in the heart of Jersey City’s waterfront district.
The leadership team at Esen brings decades of collective experience to the table. The firm is backed by Singapore-based investment platforms The Croesus Group and Everglory Group, led by Chairman Jim Chang. CEO Matt Elsesser, formerly of Brookfield Properties and Forest City, has overseen major development pipelines, while Chief Investment Officer C. David Boillot and Chief Development Officer Jason Bonnet also bring a wealth of experience from their previous roles at Croesus and Brookfield, respectively. This team has a proven track record, having delivered some of the country’s most successful mixed-use projects, including the Barclays Center in Brooklyn and The Yards in Washington, D.C.
Esen’s debut project is a multi-phase, multi-tower development in partnership with global shipping and transportation firm, Evergreen. The plan calls for three multi-family towers that will offer a total of approximately 2,000 residences, ranging from studios to spacious three-bedroom units. Construction on the first tower is expected to begin in the summer of 2026, with an estimated opening date in early 2029.
The project isn’t just about building residential towers; it’s designed to enhance the community. At full completion, the development will feature over 30,000 square feet of publicly accessible open space, including a pedestrian-only corridor and a central courtyard. The location is a major draw, offering stunning, unobstructed views of Manhattan and the Statue of Liberty. It’s also incredibly convenient, located near a Whole Foods Market, the Grove Street retail corridor, and two PATH stations, providing residents with seamless access to Midtown Manhattan and the Financial District.
“This project embodies the scale, ambition, and collaborative spirit that define Esen,” Matt Elsesser, CEO of Esen said. He emphasized the company’s commitment to delivering “exceptional urban developments that bring lasting value to cities and communities.”
With its powerful leadership team and an ambitious first project in one of the most sought-after urban centers in North America, Esen is poised to become a major player in the real estate development landscape. This $1.5 billion venture in Jersey City is more than just a building project; it’s a statement of intent, signaling a new era of high-impact, community-focused development.
