N.J. Waterfront Community Brings Rentals, For-Sale Together

Jersey’s Boys
When Livingston, N.J.-based BNE Real Estate Group purchased a six-acre former industrial site in the town of Harrison, N.J., along the Passaic River in 2005, the economy was strong, and condominiums were desired. The three-generation developer’s experience in building convinced the owners that a condo project would appeal to homeowners, who wanted a quick 20-minute ride into New York City on the mass-transit PATH line or proximity to the New Jersey Turnpike, and who also were priced out of Manhattan real estate and closer-in hip Jersey City and Hoboken housing. They were right. The 160 duplex units in Phase 1 at River Park sold out.

Changing Course 
By the time, BNE was ready to construct Phase 2, the economy had tanked, and the condo market had dried up. “We knew we had to switch to rentals, and amend our plans,” says Jonathan Schwartz, executive vice president of acquisitions and a third-generation member of the company. BNE hired Minno & Wasko Architects and Planners in Lambertville, N.J., to design 141 units in two buildings, and gave it a different name, Water’s Edge, to distinguish the sites. Yet, the architects used similar brick and cementitious siding to connect them visually, even though the rentals were different in plan and elevation.  

Go with the Flow 
Because of proximity to the river, the architects and designer, Guita Martorana of 02 Design in Lambertville, played up views and a nautical connection in a new clubhouse, designed for both owner and tenant use. The main gathering hub lies within an octagon with a two-story high ceiling at its center and clerestory windows around the perimeter. Martorana used pops of watery-blue, and some wood flooring and walls pay homage to old-fashioned wooden boats. Because of the mostly millennial demographic, there are other places to socialize, some intimate and quiet, and some very busy such as a gym and outdoor areas, including a pool by a riverfront esplanade.

Landlubbers’ Wish List
The developer opted for green choices in insulation, glazing, and mechanical equipment but didn’t seek LEED certification due to the cost and time involved. Yet, it knew residents cared, especially the closer they get to New York City, says Minno. Apartments were designed with a modern edge and higher finish level than many comparable rentals and even some condos. “Every day is opening day with rentals since a developer may have to release year after year,” says Minno. Landscape designer Josh Taylor of A-L Services in Parsippany, N.J., took a similar approach in his choice of durable, low-maintenance plantings with four-season interest. In many cases that meant native hybrids such as Oso Easy® roses, which resist diseases and insects, don’t require deadheading or much watering, and flower from late spring through fall.

Ripple Effect 
Although the site once housed industrial warehouses and required remediation, the developer believed that Harrison’s gentrification was just a matter of time. The town encouraged waterfront development with payments in lieu of taxes (PILOTS) for 20 years. Since the rental buildings opened last October, 80% of units have leased, from the smallest 545-square-foot studios for $1,600 to biggest 1,241-square-foot two-bedrooms for $2,400. BNE’s efforts have helped spur development of more than 700 new residential units and almost 1,500 under construction, two hotels, 45,000 square feet of retail, and the Red Bull Arena for soccer. A $256-million upgrade to the PATH station is underway, says Mayor James A. Fife, who is seeking approval for new entrance and exit ramps to Interstate 280.