The WSJ celebrates Harrison

Picture1A recent article by Kathleen Lucadamo in The Wall Street Journal visits Harrision and says, “Once known for industry, the town fell on hard times but new apartment complexes are rising.”

Of interest from the piece …

Ron Lupone thought he would never leave Manhattan, but the lower rents in New Jersey lured him there. The town of Harrison is where he finally ended up this spring.

“I could get a big apartment with a lot of amenities for under $2,000 a month in Harrison,” said Mr. Lupone, 44 years old. He signed a two-year lease at the Harrison Station rental complex in April. “I feel like I’m living like an adult with a doorman.”

From Harrison to the World Trade Center, for example, takes just 20 minutes on the PATH line. And riders are getting a new $256 million station; construction is already under way on the replacement.

“It’s gone from a town few knew about to one on the radar screen as a nice viable community to live in that is close to New York City,” said Michael Barry, president of Ironstate Holdings.

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Pedestrians on Harrison Avenue. PHOTO: PETER FOLEY FOR THE WALL STREET JOURNAL

Ironstate Holdings and the Pegasus Group own the Element Harrison-Newark, a 138-room Starwood Hotel on Somerset Street that opened two years ago. They are also developing Harrison Station, which will encompass 2,250 units and retail space in seven buildings. Two buildings are already up and occupied.

Water’s Edge, which has 141 rental apartments, opened in September 2014 and was fully leased within a year, according to a spokesman for BNE Real Estate Group, the building’s developer.

The price range for residential property, including condos, single- and multifamily homes, is $120,000 to $622,000, according to listings for May on the real estate website Trulia.

Read the full article HERE. 

Russo Development Proposes Riverfront Project

BNE'S WATER'S EDGE IN HARRISON

BNE’S WATER’S EDGE IN HARRISON

A developer has proposed building 458 units of rental housing on a sprawling tract along the Passaic River.

Representatives from Carlstadt-based Russo Development presented their proposal for the Passaic Avenue project at a meeting of the town’s governing body Wednesday.

The development would be located within the Passaic Avenue redevelopment zone and would occupy four tracts, three of which are currently privately-owned and another owned by the town.

The narrow riverfront tracts would begin south of a property that once housed a Pathmark supermarket and end at the town’s border with East Newark.

The single building, which would be divided into two-, three- and four-story sections, and surrounding amenities would occupy 12 of the area’s 16 acres, according to Edward Russo, a principal with the firm. The development would also have a clubhouse, dog park and pool.

Two parking garages incorporated into the structure would accommodate up to 583 cars and 73 outdoor spaces would handle visitor and overflow parking, Russo said.

“Recently over the last few years, the market has come back really strong,” Russo said. “We believe the impetus is really strong for meaningful mixed use development in this area.”

A leasing office for another Russo Development, Vermella Crossing, recently opened on Bergen Avenue near Schuyler Avenue. Demand for one-bedroom apartments has been especially high, with rents running between $1,600 and $1,700, according to Russo. Two-bedroom units at Vermella Crossing, which will have a ribbon cutting in September, are fetching $2,200 to $2,300 a month, he added.

CONTINUE READING ON NJ.COM

Ready to move: How Harrison is transforming from an industrial powerhouse

Picture2Once considered a “beehive of industry,” a New Jersey town is gradually reinventing itself.

Over the last few years, luxury apartments have sprung up alongside empty warehouses and factories in Harrison, a Hudson County town once known for its industrial prowess. The vision for a revitalized Harrison has been a long time in the making, hobbled by a number of factors, like recession and Hurricane Sandy. But the town has seemingly hit its development stride, and some experts say it is primed to become a hot spot for people looking for an easy commute at a lower price.

The town is in the midst of a renaissance, Harrison Mayor James Fife said, as old industrial sites are being replaced by commercial and residential buildings. The 25,000-seat Red Bull Arena opened in 2010, and the Element Harrison-Newark hotel opened in August 2014. Nearby, several new projects, such as the mixed-use Vermella Harrison, are well underway.

“Harrison historically was a gritty, industrial town,”  said Michael Sommer, managing director of development at Advance Realty. The company and DeBartolo Development are developing six buildings on three blocks within the town’s Riverbend District, adjacent from the Harrison PATH station. “I think in the next few years, Harrison is going to look like a very different place in a very positive way.”

He said the town is particularly appealing to young renters, who are looking for an easy commute to New York City or Newark but lower rents than, say, Hoboken or Jersey City.

OLYMPUS DIGITAL CAMERAResident Adam Silver said he moved to Water’s Edge in Harrison in January. He’d lived in Jersey City for seven years but found that the rent was becoming too expensive. Harrison proved a fitting alternative. Now he pays roughly $1,000 less a month for the same amount of space, he said, and has a relatively easy commute into midtown Manhattan.

He thinks interest in the town is bound to grow.

“You’re going to see nice stores and more opportunity happening in Harrison over the next few years,” he told NJ Advance Media in a recent interview. “People are going to see value there and start moving.”

READ FULL STORY AT NJ.COM

Jersey Sure! No longer is Newark’s shadow, Harrison embraces big-time development

Via Adam Bonislawski/New York Post

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.

Elaine Lau, with daughter Violet, moved with her husband, Jonathan Proman, to the new Harrison Station complex, which will ultimately have 2,250 residences. Photo: Jennifer Brown for the New York Post

Elaine Lau, with daughter Violet, moved with her husband, Jonathan Proman, to the new Harrison Station complex, which will ultimately have 2,250 residences. Photo: Jennifer Brown for the New York Post

“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.”

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Engineer Carl Lordi (inset) moved into a brand-new one-bedroom rental at Water’s Edge, a 141-unit building that opened last month. Amenities at the waterfront project include a two-level outdoor terrace with lounge seating and a firepit. Photo: http://www.simplyathos.com; Michael Sofronski

Engineer Carl Lordi (inset) moved into a brand-new one-bedroom rental at Water’s Edge, a 141-unit building that opened last month. Amenities at the waterfront project include a two-level outdoor terrace with lounge seating and a firepit. Photo: http://www.simplyathos.com; Michael Sofronski

“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.

FULL ARTICLE