A view of The Eddy, a new 310-unit luxury apartment building in Harrison by Ironstate Development Co. and The Pegasus Group, from the Passaic River — Courtesy: Ironstate
By Joshua Burd
A joint venture has leased more than three-quarters of a new 310-unit luxury apartment development in Harrison, signaling continued interest in the town’s revitalized riverfront.
Executives with Ironstate Development Co. and The Pegasus Group also say they’ve welcomed nearly 150 residents to what’s known as The Eddy, a mix of studio, one-bedroom and two-bedroom homes at 555 1st St., since the launch of leasing in March. That momentum was on display recently as the developers hosted local officials at the building and celebrated what is now their fourth multifamily and retail project in the town.
At the ribbon-cutting ceremony, Harrison Mayor James A. Fife noted that Pegasus and Ironstate are now the town’s largest taxpayer and a key part of transforming a blighted industrial area along the Passaic River, an effort that goes back more than 20 years.
“The town, the Harrison Redevelopment Agency, the construction department and the planning and zoning boards have all worked in a spirit of great cooperation with Richard Miller from Pegasus and the Barry brothers from Ironstate to construct great buildings like The Eddy,” Fife said. “The developers did an excellent job to make Harrison a better place to live for all our citizens.”
Like other builders, Ironstate and Pegasus have keyed on Harrison thanks in part to its PATH station and connectivity to Manhattan. The joint venture has delivered more than 1,500 luxury rental units and more than 30,000 square feet of street-level retail space in the town over the last decade, comprising what it now calls The Harrison Collection.
The partnership was also responsible for building the 138-key Element Harrison-Newark hotel and a 1,450-space public parking garage adjacent to the PATH station, according to a news release. Additionally, they have nearly 1,000 additional units in the pipeline.
“The Eddy furthers our deep commitment to the Town of Harrison and increases the options available for residents to enjoy this dynamic location,” Ironstate President Michael Barry said. “We’ve long shared a collective vision with Mayor Fife and local officials on how to best create a comprehensive lifestyle within Harrison that is appealing to both existing and new residents. We believe The Eddy is the latest example of that vision, and we’re delighted with the incredible public response to this new modern offering.”
Designed by Front Studio Architects, Minno & Wasko Architects and Planners and BG Studio, The Eddy has amenities such as a fitness center with virtual programs, yoga and children’s playroom, a resident lounge and a landscaped courtyard and pool deck. The building also sits among a growing selection of retail and restaurants, with strong connectivity to the surrounding region via the PATH station and Interstate 280.
Net-effective monthly rents at The Eddy start from the $1,600s after accounting for current incentives, according to The Marketing Directors, the community’s leasing agent.
“It’s remarkable to see how much this area in Harrison has blossomed over the years, and we’re proud to continue to contribute to the town’s positive growth with the addition of The Eddy,” said Richard Miller, a principal with The Pegasus Group. “While each new building possesses its own charm and character, they all work in unison to enhance the inherent attributes of Harrison and its residents’ living experiences.”