A 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.”
The piece highlights our clients, Ironstate Development Company and BNE Real Estate Group.
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.
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.