Luxury Rental Community of 310 apartments on Passaic River Waterfront Off to a Fast Start In Hot Harrison Market
HARRISON, NJ, July 12, 2021 – Officials from the Town of Harrison, NJ recently joined principals from Ironstate Development Company and The Pegasus Group to celebrate the successful debut of The Eddy, a new luxury rental community on the Harrison waterfront.
The group of community and business leaders helped cut a ceremonial ribbon marking the development partnership’s latest addition to the Harrison housing landscape- a collection of 310 luxury rental residences, thoughtfully designed amenities, and considerable outdoor green space. The celebration came four months after The Eddy officially launched leasing, with more than 75% of the homes already spoken for and nearly 150 residents moved in.
The Eddy is the latest chapter in Harrison’s incredible story of urban revitalization and growth. The town’s transformation into a vibrant residential destination was driven in large measure by its convenient commutability to Manhattan, Jersey City and Newark via the PATH system, which spurred a wave of new development offering modern residences at attractive prices and supportive community retail. It is a formula that has attracted a significant influx of new residents to Harrison, propelling it to become New Jersey’s fastest growing municipality since the 2010 census.
Spearheading Harrison’s rise as one of the New Jersey Gold Coast’s hottest markets is the Ironstate/Pegasus team, the town’s most prolific developers who have delivered more than 1,500 luxury rental units and more than 30,000 square feet of street-level retail space in the last decade across four communities collectively known as “The Harrison Collection.” The partnership was also responsible for developing the 138-key Element Harrison-Newark hotel and a 1,450-space public parking garage adjacent to the PATH station and has nearly 1000 additional units in the pipeline.
“The Pegasus Group and Ironstate Development are now the largest taxpayer in the Town of Harrison,” said Mayor James A. Fife. “The Town, the Harrison Redevelopment Agency, the Construction Department, and the Planning and Zoning Boards have all worked in a spirit of great cooperation with Richard Miller from Pegasus and the Barry brothers from Ironstate to construct great buildings like The Eddy. The developers did an excellent job to make Harrison a better place to live for all our citizens.”
Located at 555 1st Street in Harrison’s riverfront neighborhood, The Eddy offers renters a collection of studio, one- and two-bedroom homes at monthly rental rates that start from the $1,600s on a net effective basis after accounting for current incentives, according to The Marketing Directors, the community’s exclusive marketing and leasing agent. Immediate occupancy is available.
“The Eddy furthers our deep commitment to the Town of Harrison and increases the options available for residents to enjoy this dynamic location,” said Michael Barry, President of Ironstate Development Company. “We’ve long shared a collective vision with Mayor Fife and local officials on how to best create a comprehensive lifestyle within Harrison that is appealing to both existing and new residents. We believe The Eddy is the latest example of that vision, and we’re delighted with the incredible public response to this new modern offering.”
“It’s remarkable to see how much this area in Harrison has blossomed over the years, and we’re proud to continue to contribute to the town’s positive growth with the addition of The Eddy,” added Richard Miller, a Principal with The Pegasus Group. “While each new building possesses its own charm and character, they all work in unison to enhance the inherent attributes of Harrison and its residents’ living experiences.”
Design Distinction
The Eddy is a striking residential building that borders The Passaic River and is a short walk from the Harrison PATH station, which offers a 20-minute commute to Manhattan. The exterior features a modern industrial aesthetic with an iridescent brick and metal façade, designed by Front Studio Architects in collaboration with Minno & Wasko Architects and Planners and BG Studio.
Inside, the residences at The Eddy boast contemporary design with bright, airy living spaces and details such as custom roller shade window treatments. Kitchens include Pearl Jasmine Silestone countertops and backsplashes, custom cabinetry, Moen® and Kohler sinks and faucets, stainless-steel Whirlpool® appliances and kitchen islands in select residences. Bathrooms are adorned with grey oak porcelain tile, multi-function showerheads, and Calcutta Gold Silestone countertops. Each residence also includes an in-home washer & dryer and keyless door entry technology. Select residences feature views of the waterfront.
Amenities to Socialize and Unwind
A comprehensive suite of indoor and outdoor amenities is designed to enhance the lifestyle experience. The community’s fitness program provides virtual fitness classes through an app custom tailored to the community, cardio equipment with interactive touch screens and ability to stream your favorite shows, and private trainers available to residents for an additional fee through the app. A yoga/kid’s room caters to children for a portion of the day and functions as a yoga room the rest of the day. The resident lounge features a fireplace, individual workspaces, and Eddy’s Canteen vending area with coffee and snacks available for purchase. Residents also have access to conference rooms and private workspaces with televisions. The community’s party room is an indoor/outdoor space with televisions and a kitchen inside and BBQ grill outside.
The Eddy’s outdoor amenities give residents room to spread out, relax, and enjoy the fresh air. A landscaped courtyard with a pool, multiple seating options, lawn game areas, three gas fire pits with seating, and four BBQ grills are all available for resident enjoyment. Residents can also relax in the community’s outdoor performance area, a three-tier amphitheater for performances and lounging, or take in a waterfront stroll along Harrison’s Riverwalk. Dog lovers appreciate the community’s dog run, which overlooks the river and is well equipped with features such as a water fountain and irrigated dog run turf. A dedicated dog wash area is another canine convenience.
Tenant storage cages are available for rent and bike storage is also available. The community includes Wi-Fi in all common spaces and outdoor areas, a 24/7 monitored lobby, and available onsite parking in an enclosed garage.
Three professionally merchandized homes are available to tour: a studio residence with interior design by Rosalie Nunez, a one-bedroom residence with interior design by Cochineal Design, and a two-bedroom residence with interior design by BG Studio.
With Manhattan easily accessible, and downtown Newark and Jersey City even closer, Harrison is known for its easy commute and its connection to culture, dining, entertainment, and recreation destinations. The town even has its own professional sports team, the N.Y. Red Bulls professional soccer team, which plays in Red Bull Arena on the south end of town. Across the river in Newark, entertainment options include concerts and sporting events at the Prudential Center, performances at the New Jersey Performing Arts Center, and more than 170 restaurants in the Ironbound neighborhood. Entrances to Route 280 and the New Jersey Turnpike are both easily accessible, connecting residents to the rest of the state and the Holland Tunnel.
For more information on The Eddy and to schedule a private tour of the community’s model homes and amenities, visit www.theeddynj.com or call 973-314-8837.
About Ironstate Development Company
Ironstate Development Company is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of residential and hospitality assets valued at several billion dollars. Additional information on Ironstate Development Company is available on the Company’s website at www.ironstate.net.
About the Pegasus Group
Founded in 1997 and based in New York City, The Pegasus Group is an owner and developer of multi-tenant real estate properties. The Company maintains the philosophy and operating style rooted firmly in adaptive reuse and urban revitalization. The Company’s principals possess more than 60 years of industry experience. www.thepegasusgroup.comPage Break
About The Marketing Directors
The Marketing Directors is a renowned development advisory firm with over forty years of experience working exclusively on behalf of real estate developers to design, market, and sell or lease residential homes. The Marketing Directors team is a collective of strategic thinkers, market experts, and trusted partners. Headquartered in New York with offices and sales teams active across North America, The Marketing Directors have helped clients successfully sell-out hundreds of new developments accounting for more than $30 billion in total sales.
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