A rendering of Vermella East at 60 Passaic Ave. in Kearny — Courtesy: Russo Development
By Joshua Burd
Russo Development has taken the wraps off its third luxury apartment property in Kearny, delivering another 268 units to the Hudson County town.
The developer announced Friday that it has launched virtual and in-person leasing at Vermella East at Hudson Pointe, a collection of studio, one- and two-bedroom apartments at 60 Passaic Ave. Prices start in the mid-$1,700s, with move-ins available for August.
“There are truly generational dynamics surrounding the opening of Vermella East,” said Adam Pasternack, president of Russo Property Management. “It is our second property located along this vibrant mixed-use corridor, it is the property that establishes the Hudson Pointe residential district, and it answers the current demand for an urban atmosphere within a sprawling outdoor envelope.
“It also offers a distinct complement to Vermella West, our adjacent residential rental community which has always been leased at near-capacity. Building on the demand for apartments throughout our portfolio — and especially in Union where our leasing pace can be often described as positively frenetic — we look forward to a busy summer.”
Russo’s portfolio in Kearny now includes nearly 780 units, including the adjacent Vermella West, which opened in fall 2018. With its development plans, the Carlstadt-based firm is seeking to transform a large stretch of waterfront along the Passaic River, bringing new life to a historically industrial corridor just east of Newark.
The company’s projects in the city also include Vermella Crossing, a 150-unit community with a CVS and Investor’s Bank at Schuyler and Bergen avenues. It opened Vermella Crossing’s second phase across the street in 2018 with 80 additional apartments.
“Russo Development has helped us achieve our goal of redeveloping some of our oldest industrial sites and answer the market need for more housing options,” Kearny Mayor Alberto Santos said. “Hudson Pointe is the perfect name for a vibrant new area that continues to welcome new residents and businesses in a thriving community.”
Apartments at Vermella East feature upscale design, appliances and finishes, while the property has amenities such as a resort-style pool, high-end fitness center and a game room. Outdoor features include access to a riverfront promenade that extends to Newark and Harrison.
The newly minted Hudson Pointe neighborhood offers a seven-mile Passaic River walkway for bikers, walkers and runners, Russo said in a news release. Passaic Avenue also features Kearny Commons, a shopping center with the likes of BJ’s, Marshalls, LA Fitness, Starbucks, Chipotle and a new urgent care center.
The developer also touted the location’s access to areas throughout Hudson and Essex counties and its proximity to Interstate 280 and PATH service. Residents of Hudson Pointe have access to the PATH via two private shuttles that run morning and evening.
“Kearny as a location is the epitome of our strategy to find ideal locations in North Jersey and create a product that offers the best qualities of urban and suburban living for those who want to live in the New York Metro-area,” Pasternack said. “Our portfolio-wide occupancy rates of 98 percent are a testament to the great things that can be achieved when public and private entities work together to answer a demand for the community.”