The Real Deal New York

Harrison Station building 16 percent rented in two weeks

Five Guys leases retail space in the luxury New Jersey development

September 27, 2011 10:55AM
By Leigh Kamping-Carder

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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.

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