Ironstate, Pegasus celebrate Passaic River waterfront community’s success

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Principals from Ironstate Development Co. and The Pegasus Group said July 12 they recently celebrated the successful debut of The Eddy, a new luxury rental community on the Harrison waterfront.

The group of community and business leaders helped cut a ceremonial ribbon marking the development partnership’s latest addition to the Harrison housing landscape–a collection of 310 luxury rental residences with thoughtfully designed amenities and considerable outdoor green space.

The celebration came four months after The Eddy officially launched leasing, with more than 75% of the homes already spoken for and nearly 150 residents moved in.

The Eddy borders the Passaic River and is the latest chapter in Harrison’s story of urban revitalization and growth. The town’s transformation into a residential destination was driven in large measure by its convenient commutability via the PATH system to Manhattan (a 20-minute ride), Jersey City and Newark, which spurred a wave of new development offering modern residences at attractive prices and supportive community retail.

Spearheading Harrison’s rise as one of the New Jersey Gold Coast’s hottest markets is the Ironstate/Pegasus team, the town’s most prolific developers who have delivered more than 1,500 luxury rental units and more than 30,000 square feet of street-level retail space in the last decade across four communities collectively known as “The Harrison Collection.”

The partnership was also responsible for developing the 138-key Element Harrison-Newark hotel and a 1,450-space public parking garage adjacent to the PATH station, and has nearly 1,000 additional units in the pipeline.

“The Pegasus Group and Ironstate Development are now the largest taxpayers in the Town of Harrison,” said Harrison Mayor James Fife. “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. The developers did an excellent job to make Harrison a better place to live for all our citizens.”

Located at 555 1st St. in Harrison’s riverfront neighborhood, The Eddy offers renters a collection of studio, one- and two-bedroom homes at monthly rental rates that start from the $1,600s on a net effective basis after accounting for current incentives, according to The Marketing Directors, the community’s exclusive marketing and leasing agent.

“The Eddy furthers our deep commitment to the Town of Harrison and increases the options available for residents to enjoy this dynamic location,” said Michael Barry, president of Ironstate Development Co. “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.”

“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,” added 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.”

The exterior of The Eddy features a modern industrial aesthetic with an iridescent brick and metal façade, designed by Front Studio Architects in collaboration with Minno & Wasko Architects and Planners and BG Studio.