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Construction & Design

Developers unveils $340M bedroom community

Eastone Equities, a New York City based real estate private equity firm, has announced the launch of Harrison Yards, a $340 million transit-oriented Class A mixed-use development in downtown Harrison, NY.

The Harrison Yards project sits on two adjacent sites along Frank E, Rodgers Boulevard, right next to the recently renovated Harrison Path Station and near the Red Bull Arena, home to the New York Red Bulls Major League Soccer team.

The development calls for 640 new residential units, and 16,000 s/f of retail along with major amenities such as a rooftop garden, fitness center, pedestrian and pet friendly walkways and over 600 parking spaces.

“We are very excited to announce an incredible, vibrant neighborhood filled with great places to live, dine, play and enjoy life with immediate access to mass transit that includes the adjacent Harrison Path Station, Amtrak, highways and Newark Airport, just minutes away,” said Eastone Equities director of investments Haoran Hu.

Harrison Yards has two construction phases: Phase One, with 205 residential units and over 8,000 square feet of retail, is currently 70 percent completed and is expected to lease by the Spring of 2019.

Phase Two, which is approved for another 435 residential units and 8,000 square feet of retail, is planned to start construction in the first quarter of 2020, with expected completion in the second quarter of 2022.

The developer and owner, Eastone Equities, along with its partner and development manager, Accordia Realty Ventures, took over the project previously known as The Hub at Harrison in the fall of 2018 from the site’s initial owner.

Eastone developed a similar-scaled luxury mixed-use development project named Hudson Lights II in Fort Lee, NJ.

Accordia’s interest in the Harrison site goes back to over twenty years when it was involved with the Town of Harrison’s master plan, calling for redevelopment of several hundred acres of long abandoned foundries and steel mills on the Passaic River across from Newark.

“We followed this site closely, and loved the idea of making this a 24-7 destination,” said Accordia’s Principal Joseph Romano, who along with his partner, Jason Bogart, worked as consultants to the Harrison Redevelopment Authority (HRA) in 2007.

Over the last ten years the southernmost part of Harrison has transformed from an industrial district on the outskirts of Newark to a transit-oriented neighborhood with a hotel, thousands of residential units, stores, restaurants and the Red Bull Arena.

The area, known to developers as the Riverbend District, is seeing a major increase in development and influx of new residents, in part because of the PATH station that connects it with Manhattan.

At Harrison Yards, Eastone is planning to include an extensive amenity package in both phases to serve the increasing millennials generation in the community.

“Our aim is to offer an affordable alternative residential community outside of Manhattan for millennials by developing a well-equipped living space that enhances the lifestyles of the young generation,” added Haoran Hu.

“Rents will be about half the price of the average rental price of Manhattan properties…especially now, with rents rising in Manhattan and Jersey City.

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