WORK FINALLY UNDERWAY AT HOMEPORT

New Jersey-based developer is proceeding with plan for a $150 million mixed-use project on the former Naval base on Staten Island, after years of discussions.

By AMANDA FUNG

A former U.S. Naval base site on Staten Island will finally be transformed into a mixed-used development.

Redevelopment work has already begun, the city announced Friday morning. The news comes in the wake of the closing of the $11 million sale of a seven-acre parcel of the Homeport in the Stapleton section of Staten Island, just south of the St. George Ferry Terminal. The buyer was New Jersey-based Ironstate Development Co.

Ironstate will invest $150 million in the project, which will be made up of two buildings with 900 market-rate rental apartments, 30,000 square feet of ground-floor retail, 600 parking spaces and a public plaza. The LEED-certified buildings, four and five stories high, will meet the current zoning rules for the site. The new development will be within easy walking distance of the St. George Ferry Terminal.

The city plans to pour $32 million into the project for infrastructure improvements and the construction of a six-acre waterfront esplanade. Staten Island Borough President James Molinaro has also committed $1 million to improving the Staten Island Railway’s Stapleton station, which is adjacent to the new development.

“The reactivation of the Homeport, turning it into an exemplary green community, with public access to the waterfront, modern infrastructure, and rental housing options for young Staten Island professionals and others, will create positive momentum for Stapleton and other North Shore neighborhoods,” said Seth Pinsky, president of the city Economic Development Corp., in a statement.

Construction of the first phase of the project, which will consist of 450 units, is expected to begin next year and to be completed in 15 months. The start of the second, final phase will commence after the first is complete. Ironstate has begun demolishing three existing buildings on the site.

Ironstate was selected in 2009 to transform seven acres of the 36-acre Homeport after more than a decade of discussions to redevelop the site. The city took control of the site in 1995, when the base closed. At one time, Mayor Bloomberg envisioned building a restaurant, sports complex, banquet hall and farmer’s market, but responses to a 2007 requests for proposals from developers “were limited and deemed unsatisfactory,” the city said.

Ironstate, which specializes in urban community development, built the W Hoboken Hotel. Last year, the developer launched the first phase of Harrison Station, a project that will feature 2,600 luxury residences, 80,000 square feet of retail space and a hotel with a retail concourse on a 27-acre site adjacent to the PATH Station in Harrison, N.J.

LIVING ALONG THE GOLD COAST

 

 

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Harrison Station building 16 percent rented in two weeks

Five Guys leases retail space in the luxury New Jersey development

By Leigh Kamping-Carder/The Real Deal Online

Jacqueline Urgo, president of the Marketing Directors, and Harrison Station

Almost 16 percent of the units in the first completed building at Harrison Station, the new luxury mixed-use development in Harrison, N.J., have been rented since leasing opened two weeks ago, according to Jacqueline Urgo, president of the Marketing Directors, the development’s exclusive leasing and marketing agent.

Meanwhile, the restaurant chain Five Guys signed a 10-year lease for a 2,500-square-foot retail space earlier this month, said Greg Russo, a principal at Ironstate Development, which is partnering with the Pegasus Group to develop the 27-acre site. The entire retail space is 15,000 square feet.

When completed, Harrison Station will include 2,600 residences, 80,000 square feet of retail and a hotel with up to 140 rooms, which Russo said is the next part of the project to get underway.

The four-story building is made up of a mix of studios and one- and two-bedroom apartments that range from 500 to 1,100 square feet. Monthly rents for the studio apartments start at $1,200, while one-bedrooms start at $1,600 and two-bedrooms at $2,200.

So far, 43 of the 275 residential units have been rented, Urgo said, adding that if the pace continues, the residences should be leased up within four months.

“I think this pace is going to continue, and I think word of mouth and referral is going to increase exponentially,” she said.

Five Guys will occupy a corner retail spot, Russo said. He would not disclose how much the rapidly expanding burger chain will be paying, but said that monthly asking rents range from the mid- to upper-$20,000s. The company did not immediately respond to requests for comment.

Harrison Station’s backers have been promoting the venture — located in an industrial center of Hudson County with markedly less development than places like Jersey City and Hoboken — by touting its luxury amenities and proximity to the Harrison PATH station.

“Harrison really fills the void and offers a more affordable alternative to downtown Jersey City and Hoboken, which were typically the first step out of Manhattan,” Urgo said.

Among the amenities in the building are a two-story lobby with a 24-hour concierge, a fitness center and an outdoor pool. With the PATH station next door, the commute to Manhattan comes in at 20 minutes, Urgo said.

Even before work began at the site in 2005, Ironsgate and Pegasus had always planned to develop rentals before condominiums to establish a residential market for the area, Russo said.

“Generally, in an area that’s a little bit more pioneering, people are much more willing to sign a 12-month lease, as opposed to putting down a down payment and a mortgage,” he said.

After the hotel, the developers plan to erect another rental property before moving on to condos at Harrison Station, Russo said.

 

Harrison Station Grand Opens With Luxury Rentals

via Betsey Kraat/ New Jersey & Co.

HARRISON–A once industrial center is continuing its transition into a residential neighborhood with the opening of Harrison Station, a new luxury rental community ideally situated next to the Harrison PATH Station in this Hudson County town.

With leasing now officially underway for the community’s first phase of 275 studio, one- and two-bedroom residences and the availability of immediate occupancy, the launch of Harrison Station will reenergize the town of Harrison with modern residences, a wide array of amenities, and street-level retail. The town has already seen the opening last year of a 25,000-seat stadium for the New York Red Bulls professional soccer team and the completion of a four-story parking deck available, in part, for Harrison Station residents.

Harrison Station is rising on a 27-acre site that will ultimately feature 2,600 luxury residences, 80,000 square-feet of retail and a hotel with a retail concourse, according to Ironstate Development Company and The Pegasus Group, a joint venture partnership which is developing the New Urbanism master-planned community.

“Harrison is one of the few remaining untapped regions of the New Jersey Gold Coast,” notes Michael Barry, President of Ironstate Holdings, LLC.

“It all starts with our location adjacent to the Harrison PATH Station which offers convenient mass transit service to downtown Newark in 2-3 minutes, Jersey City in ten minutes, Hoboken in 15 minutes and Manhattan in approximately 20 minutes. The site is also just off of Interstate 280 with quick access to the NJ Turnpike. Until now, what’s been missing from Harrison is a new, modern residential offering with a full suite of amenities and supportive street-level retail and dining options to create a comprehensive, lifestyle experience. Harrison Station fills that void and offers a more affordable alternative to downtown Jersey City and Hoboken.”

Monthly rents at Harrison Station currently range from the $1,200’s for studios, from the $1,600’s for one-bedroom homes and from the $2,200’s for two-bedroom residences. Three fully-furnished model homes are open for public viewing.

“The expansive residences feature the best of contemporary architecture and design for stylish, comfortable living,” notes Jacqueline Urgo, President of The Marketing Directors, Inc., Harrison Station’s exclusive leasing and marketing agent. “High ceilings, oversized windows, abundant closets, designer finishes, and chef-inspired kitchens with top-of-the-line GE appliance packages are just a few of the details that make the living experience so exceptional.”

In addition to the well-designed residences, Harrison Station residents enjoy a wide array of onsite amenities, including a two-story attended lobby, state-of-the-art fitness center, residents’ lounge with large-screen TVs and ping pong table, landscaped courtyard with outdoor pool, a beach volleyball court and a parking garage.

“Our goal is to create a vibrant mixed-use community in Harrison in the same vein as Hoboken and Jersey City that respects the industrial past of the neighborhood,” notes Richard Miller, a Principal with The Pegasus Group. “The pedestrian-friendly design and easy access to mass-transit service should appeal to professionals and anyone interested in the New Urbanism lifestyle.”

 

HARRISON STATION GRAND OPENS WITH LUXURY RENTALS AND AMENITIES NEXT TO PATH STATION

Phase I Features 275 Modern Residences In a Well-Connected Location

 HARRISON, NJ – A once industrial center is continuing its transition into an exciting residential neighborhood with the opening of Harrison Station, a new luxury rental community ideally situated next to the Harrison PATH Station in this Hudson County town.

With leasing now officially underway for the community’s first phase of 275 studio, one- and two-bedroom residences and the availability of immediate occupancy, the launch of Harrison Station will reenergize the town of Harrison with modern residences, a wide array of amenities, and street-level retail.  The town has already seen the opening last year of a 25,000-seat stadium for the New York Red Bulls professional soccer team and the completion of a four-story parking deck available, in part, for Harrison Station residents.

Harrison Station is rising on a 27-acre site that will ultimately feature 2,600 luxury residences, 80,000 square-feet of retail and a hotel with a retail concourse, according to Ironstate Development Company and The Pegasus Group, a joint venture partnership which is developing the New Urbanism master-planned community.

“Harrison is one of the few remaining untapped regions of the New Jersey Gold Coast,” notes Michael Barry, President of Ironstate Holdings, LLC.

“It all starts with our location adjacent to the Harrison PATH Station which offers convenient mass transit service to downtown Newark in 2-3 minutes, Jersey City in ten minutes, Hoboken in 15 minutes and Manhattan in approximately 20 minutes.  The site is also just off of Interstate 280 with quick access to the NJ Turnpike.  Until now, what’s been missing from Harrison is a new, modern residential offering with a full suite of amenities and supportive street-level retail and dining options to create a comprehensive, lifestyle experience.  Harrison Station fills that void and offers a more affordable alternative to downtown Jersey City and Hoboken.”

Monthly rents at Harrison Station currently range from the $1,200’s for studios, from the $1,600’s for one-bedroom homes and from the $2,200’s for two-bedroom residences.   Three fully-furnished model homes are open for public viewing.

“The expansive residences feature the best of contemporary architecture and design for stylish, comfortable living,” notes Jacqueline Urgo, President of The Marketing Directors, Inc., Harrison Station’s exclusive leasing and marketing agent.  “High ceilings, oversized windows, abundant closets, designer finishes, and chef-inspired kitchens with top-of-the-line GE appliance packages are just a few of the details that make the living experience so exceptional.”

In addition to the well-designed residences, Harrison Station residents enjoy a wide array of onsite amenities, including a two-story attended lobby, state-of-the-art fitness center, residents’ lounge with large-screen TVs and ping pong table, landscaped courtyard with outdoor pool, a beach volleyball court and a parking garage.

“Our goal is to create a vibrant mixed-use community in Harrison in the same vein as Hoboken and Jersey City that respects the industrial past of the neighborhood,” notes Richard Miller, a Principal with The Pegasus Group.  “The pedestrian-friendly design and easy access to mass-transit service should appeal to professionals and anyone interested in the New Urbanism lifestyle.”

For more information about Harrison Station and to make an appointment to tour the three furnished model homes, please call (973) 484-3300, or visit www.HarrisonSTN.com.

The community’s onsite Leasing Center is located at 300 Somerset Street, Harrison, NJ, 07029

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ABOUT IRONSTATE DEVELOPMENT COMPANY

Ironstate Development is a privately held real estate development company based in Hoboken, New Jersey. The Company engages in the development of large-scale residential and hotel projects in the Northeast United States.  The company currently owns and manages over 6000 residential units and currently has approximately $1 billion in the development pipeline. www.ironstatedevelopment.net

ABOUT THE PEGASUS GROUP

Founded in 1997 and based in Hoboken, New Jersey, 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.com

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