Ironstate, Pegasus Begin Leasing at New Jersey Community

Located on the riverfront in Harrison, N.J., The Eddy is the tallest building in a mixed-use development.
The Eddy. Image courtesy of Ironstate Development Co. and The Pegasus Group

The Eddy, a new multifamily community on the riverfront walkway of Harrison, N.J., has opened. Developed by joint venture partners Ironstate Development Co. and The Pegasus Group, The Eddy features 310 apartments. It is situated at 555 First St., within steps of the Harrison PATH station, as well as local shops and restaurants.

The Eddy offers studio, one- and two-bedroom residences. Monthly rental rates begin in the $1,500s. Apartments feature custom roller shade window treatments, Pearl Jasmine Silestone countertops and backsplashes, kitchen islands, Moen and Kohler sinks and faucets and stainless steel Whirlpool appliances. A resident lounge featuring a fireplace, individual workspaces and a coffee vending area places high on the amenity list.

Last month, Ironstate landed a $91 million financing package for two properties.

Economic centers

“I’ve been at it for quite a number of years in Harrison,” Michael Barry, Ironstate Development Co. president & CEO, told Multi-Housing News. “Ironstate and Pegasus have been building for the past 11 years or so in Harrison and we started acquiring land and approvals years before that. We’ve been building a building a year around the PATH station. It’s a wonderful little city. Its proximity to Newark, Jersey City and Manhattan, its public transportation and the vehicular thoroughfares make it a spot where residents are capable of reaching economic centers in no time at all.”

Terming last year, “strange times in the apartment world,” Barry added the past months have brought change in Harrison.

“We’ve seen a substantial return to activity and a return to foot traffic walking into the leasing centers and the restaurants and retail,” he said. “From December into February, it’s come back with a lot of activity and interest. More leases are being signed, and fewer people are moving out of apartments.”

The tallest building in a mixed-use development being created in Harrison by Ironstate and Pegasus, The Eddy was designed by Front Studio Architects, in collaboration with Minno & Wasco Architects and Planners and BG Studio.

Three professionally merchandised homes are available to tour. They are a studio with interior design by Rosalie Nunez, a one-bedroom with interior design by Cochineal Design and a two-bedroom with interior design by BG Studio.