via JerseyDigs.com – The Kearny-based Coperaco Coffee has set up shop on the first floor of Harrison Urby, and developer Ironstate built a two-story tree house inside, as first seen in Dwell. The Dutch firm Concrete designed the space, which has a couch and a fireplace downstairs. A library, table, and another couch and some comfy chairs occupy the upstairs. One wall is made of braided rope.
via Harrison Observer – Situated two blocks from the Harrison PATH station, Harrison Urby is just a 20-minute train ride from Lower Manhattan. It’s is the third Urby development to be completed in the New York City metropolitan area, following Staten Island Urby and Jersey City Urby.
“We are thrilled to open a third Urby location in one of Hudson County’s fastest growing areas,” said David Barry, CEO of Urby and president of Ironstate Development, which is developing over 2,200 residential units, a hotel and 80,000 square feet of shops and restaurant space in Harrison. “Harrison Urby illustrates the Urby brand’s commitment to creating efficient apartments located near mass transit.”
via NJ.COM – Harrison, New Jersey’s transformation into a dynamic transit-oriented neighborhood, has taken another step forward with the launch of Harrison Station 330, a new collection of 329 modern rental apartments located next to the town’s PATH station.
Harrison Station 330 blends studio, one- and two-bedroom residences with a full suite of indoor and outdoor amenities and street-level retail space. Immediate occupancy is available.
The architecturally distinctive building is the third phase of a multiphase development Ironstate Development Co. and The Pegasus Group are executing adjacent to the Harrison PATH station that is spearheading the revitalization of the once-industrial town.
The project’s first two phases, which are completed and occupied, include 275 apartments, more than 20,000 square feet of street-level retail space and the 138-key Element Harrison hotel, part of the American hotel and leisure company Starwood Hotels and Resorts Worldwide Inc.
Once completed, the overall development will feature 2,250 residences and 80,000 square feet of retail space, in addition to the hotel.
“Our company’s core business is rooted in revitalization; recognizing an area’s untapped potential and creating the necessary elements for a vibrant, urban-lifestyle experience,” said Michael Barry, president of Ironstate Holdings LLC. “In Harrison, that meant building a neighborhood around the existing PATH station with new apartments, socially interactive amenities, a lively streetscape of shops and dining and a boutique hotel with a restaurant and bar.
“We’re thrilled to introduce the latest offering of residences, which will continue to shape this new neighborhood while providing an exciting alternative to more expensive options in Jersey City and Hoboken,” Barry said.
Harrison Station 330 builds on the success of the earlier development phases while carving out its distinct identity.
The building’s aesthetic provides a nod to the area’s industrial past yet showcases contemporary architecture and interior design.
Monthly rents start from $1,725. Three fully furnished model homes are open for viewing.
“Each home at Harrison Station 330 was designed to maximize resident comfort,” said Jacqueline Urgo, president of The Marketing Directors, the community’s leasing and marketing agent. “High ceilings, oversized windows, designer finishes, washers/dryers and chef-inspired kitchens with top-of-the-line General Electric appliance packages are just a few of the details that make the living experience so exceptional.”
Also enhancing the living experience are imaginatively designed amenities, including a fully attended chic lobby/lounge, state-of-the-art fitness center, residents’ lounge with business bar, an additional lounge with Ping-Pong and a landscaped courtyard with a swimming pool, barbecues, a fire pit and an expansive lawn area.
A parking garage and surface parking lot also are available.
Residents will appreciate Harrison Station 330’s proximity to the Harrison PATH station, which provides convenient service to Newark, Jersey City, Hoboken and Manhattan. The New Jersey Turnpike and I-280 are easily accessible for motorists. Numerous shops, restaurants and attractions are a short walk away, including Cork Wine & Liquors, Pronto Marketplace & Deli, Dunkin’ Donuts, Five Guys, a dry cleaner and the Element hotel, all located within the development.
For more information on Harrison Station 330, visit HarrisonSTN.com or call (973) 484-3300. The community’s onsite leasing center is located at 330 Angelo Cifelli Drive.
Rose Duger at NJ.com reports on the state of development in Harrison and Kearny.
For newlyweds Noorin Hamid and Zain Naqvi, convenience was key when choosing their first apartment.
Married in January, the Monmouth County couple moved a month later to Water’s Edge, a new 141-unit apartment complex in Harrison. The combination of new construction and proximity to the Harrison PATH station sealed the deal for the couple, who work in Manhattan.
“We both work in the city, so Water’s Edge made sense for us,” said Hamid. “The shorter commute gives us more time together and we both love the layout of the apartment. It’s a good size for two people and it feels very comfortable, so overall, it is a good living situation for us.”
Apparently, others agree. Water’s Edge, which was constructed by Livingston-based BNE Real Estate Group and opened in September, is already 85 percent occupied, as of late March. Monthly rents for the studio, one- and two-bedroom apartments start at $1,600.
“Harrison is undergoing a tremendous renaissance and we are thrilled to be a part of it,” said Jonathan Schwartz, senior vice president of BNE Real Estate Group. “Water’s Edge reflects our commitment to creating innovative, well-thought out residences in strategic locations near mass transportation that meet the needs of today’s sophisticated renter.”
Another project nearing completion, Harrison Station, is located adjacent to the PATH station. The third phase of the mixed use development will include 329 residences and 8,700 square feet of retail. Two earlier phases included an Element Hotel, which opened in August, along with 275 rental units and 12,184 square feet of retail space that opened in 2011. Construction should be completed by October, according to George Cahn, president of Cahn Communications and a spokesman for Ironstate Holdings and The Pegasus Group, the two firms building the project.
Also in Harrison, construction of Vermella Harrison is nearly complete, with the first 100 apartments slated for occupancy by the end of the summer, according to Lisa Kaplan, director of marketing for Carlstadt-based Russo Development. Located adjacent to Red Bull Arena and the Harrison PATH station, the complex will feature 402 rental units, as well as 15,000 square feet of retail space.
According to Mayor James Fife, Harrison, NJ, once held the state record for the most liquor licenses issued in a square mile. Today Harrison seems to be gunning for the title in a new category — building permits.
There’s a construction boom underway in this town, tucked into a bend of the Passaic River across from Newark.
Roughly 8,000 new residential units are slated to come to market in Harrison over the next decade, Fife says — this in a city with a population of just under 14,000. Add to that the opening four years ago of Red Bull Arena here — a 25,000-capacity stadium that serves as the home of Major League Soccer’s New York Red Bulls — plus a planned $256 million modernization of the Harrison PATH station, and you have a town on the make.
And what else accounts for its soaring appeal? As the old real estate saw would have it, location, location, location.
“Location is first and foremost,” says Michael Barry, president of Ironstate Development, which, with The Pegasus Group, is currently constructing their multi-phase, mixed-use Harrison Station development next to the Harrison PATH station.
Thus far, the partners have completed a 275-unit rental building — with studios from $1,460, one-bedrooms from $1,820, two-bedrooms from $2,155 — and are currently putting up a 329-unit rental building scheduled to open next year. They also last month opened a 138-room Element by Westin hotel as part of the project. When completed, the Harrison Station complex will comprise seven buildings, 2,250 residences and 80,000 square feet of retail space.
“Harrison is located on the PATH train, and that gives you direct access to Jersey City, New York City and Newark,” Barry says. “So essentially from the [town’s] redevelopment area, you’re less than five minutes into Newark, about a 10- to 12-minute ride into Jersey City, and about a 20-minute ride into New York City.”
“I think Harrison years ago recognized the very valuable asset they have in the PATH train, and like any other town they wanted to see the town blossom and grow — and so they designated a very large area around the train and what is now Red Bull Stadium a redevelopment area,” says Jonathan Schwartz, executive vice president of developer BNE. The firm completed a 176-unit condo project, River Park at Harrison, in 2007, and last month opened a 141-unit rental building, Water’s Edge, with studios from $1,495, one-bedrooms from $1,795 and two-bedrooms from $2,205.
Carl Lordi, a stationary engineer at Newark’s Penn Station, moved to a one-bedroom in the development shortly after it opened after watching it rise throughout the previous months.
HARRISON, NJ–Meridian Capital Group has negotiated $49,950,000 in permanent financing for the first multifamily rental building to open last year at the huge Harrison Station development here, GlobeSt.com has learned. The pioneer building was a joint venture by Ironstate Development and the Pegasus Group.
The 10-year Freddie Mac loan carrying an interest rate of 3.69% was provided by Beech Street Capital through its correspondent relationship with Meridian. David Cohen and Russ Drebin, both based in Meridian’s Iselin office, arranged the transaction.
“We tracked this project very carefully,” Cohen tells GlobeSt.com. “Harrison Station is a stunning new development that had strong lease-up velocity.”
Furthermore, the timing was good, said. Cohen. “The recent dip in treasury yields created an opportunity to secure low-cost long-term debt at exactly the same time the property began showing its full potential,” he says.
Six different development companies are now at work on projects at the 200-acre redevelopment site around the Harrison PATH station, and Ironstate/Pegasus is currently building a boutique Element by Starwood hotel next to its rental building. The rental, located at 300 Somerset St. off Frank E. Rogers Boulevard, opened a year ago and achieved full lease-up within nine months.
The four-story complex stands adjacent to the train station, and features an attended lobby, a fitness center, an outdoor pool and volleyball court, lounge, and garage parking — all within walking distance of the Red Bulls major league soccer stadium.
Meridian Capital Group is based in New York, with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California. It arranges financing for deals from $1 million to more than $500 million in a diverse array of property types: multifamily, co-op, office, retail, hotel, and mixed-use, industrial, healthcare, student housing, self-storage and construction properties.
By Kelly Stratton, Contributing Writer
NEW JERSEY—Residential and commercial real estate developers in Harrison have joined forces to create the Harrison Community Development Association, a coalition whose mission is to work cooperatively with town officials and the local community to promote and drive the transformation of the city into a dynamic mixed-use, transit-oriented destination.
The Harrison Community Development Association comprises the Town of Harrison, Advance Realty, BNE Real Estate Group, Heller Industrial Parks, Ironstate Development, The Pegasus Group, Roseland Property Company and Russo Development.
Master planned to complement the existing character of Harrison, the new developments underway or planned will transform the town’s 250-acre redevelopment area over the next 10 years. The comprehensive redevelopment effort will deliver new residential opportunities and hundreds of thousands of sq. ft. of retail and commercial space, as well as public spaces.
Harrison’s redevelopment area encompasses 32 percent of the town’s 1.2 sq. miles and is located along the Passaic River. At its centerpiece sits The Port Authority Trans-Hudson (PATH) rapid transit station. In April, the Port Authority of NY and NJ announced its plan to invest $256 million to completely redevelop and modernize the PATH station, which serves more than 7,000 commuters each weekday.
Significant projects that have already been completed include the Red Bull Arena, which opened in March 2010; a 165-room Hampton Inn hotel; the first phase of Ironstate Development and The Pegasus Group’s Harrison Station mixed-use residential and retail development; a new 1,440-space parking structure; a Complete Street road network and a waterfront walkway.
Future planned development includes commercial and residential projects, a hotel, public open space and community facilities and additional parking structures.
Major projects include additional phases of Harrison Station; Heller Urban Renewal’s Harrison Station, a mixed-used community; Advance Realty’s Riverbend District; Roseland Property Company and BNE Real Estate Group’s River Park at Harrison; Element by Westin, a $38 million hotel; and Russo Development’s mixed-used development.
To date, there have been more than $286 million of public funds expended or committed to the redevelopment effort in Harrison, as well as more than $650 million of private investment expended or committed in the short term.