Former Brookfield, Forest City Execs Launch Development Firm With $1.5B Project
A group of former Brookfield Properties executives has joined forces with Singapore-based asset management and investment firm Croesus Group to launch a North America-focused firm working on mixed-use projects in urban areas.
The firm, called Esen, has also announced its first project: a $1.5B, 2,000-unit mixed-use development in Jersey City, New Jersey.
Esen's multiphase project will bring three residential towers to the Jersey City waterfront for a total of 2,000 units ranging from studios to three-bedrooms. The group expects construction to begin in summer 2026 and complete in early 2029.
The project will have regional rail connections to Manhattan and the Financial District and will be built with Evergreen Group, a global transportation company. The extent of Evergreen's involvement in the project is unclear.
Esen's leadership team includes CEO Matt Elsesser, the former U.S. head of development for logistics at Brookfield Properties; board Chairman Jim Chang, who is also the founder and CEO of Croesus Group; and Chief Investment Officer C. David Boillot, who was previously the managing director and chief investment officer of Croesus and Co.
"We’re proud to be launching with a development project of this magnitude in partnership with a world-class organization like Evergreen, and to continue our legacy of delivering exceptional urban developments that bring lasting value to cities and communities," Elsesser said in a release.
