New $85M Rental Building in Harrison

HornRock Properties, a privately run real estate development firm led by Maurice and David Hornblass, has experienced notable growth in the past two years by investing in and developing several residential real estate assets in the Metropolitan New York marketplace.

The Paramus-based company has added nearly 400 units to its for-sale and rental portfolios over the past 24 months, acquiring underperforming assets in suburban and urban locations, improving these projects and introducing new communities which produce high rates of return.

HornRock Properties announced today that the first item in that package of new deals will be a 270+ unit apartment building in Harrison, which will include 15,000 square feet of retail space. The building will rise in a commuter-oriented neighborhood near the Harrison PATH station that is quickly becoming a popular alternative to pricier transit-oriented neighborhoods in Hoboken and Jersey City. Its expected value once stabilized will be $85 million.

First, and foremost, HornRock Properties has combined its experience in development and construction with investment management expertise and access to capital to aggressively pursue a variety of land acquisition opportunities ranging from luxury single-family homes to urban infill rental buildings since its formation in 2011. HornRock Properties announced in 2012 that it planned to acquire $125 million in real estate assets in the near future, and has exceeded those numbers.

“Several factors have enabled us to greatly expand our portfolio and has us well positioned for future investment opportunities,” says Maurice Hornblass, a HornRock Principal.

“We have the funds and necessary resources to compete in the bidding process for new properties and develop both large and small-scale projects. Our experience and results appeal to outside investors and private equity real estate funds who are looking for investments that will yield them superior returns on their money. And a strong market knowledge and proven ability to solve challenging local building regulations or trying approval standards appeal to existing property owners looking for partnerships.”

Since the start of 2014 alone, the developer has added two new for sale projects totaling nearly 60 homes. HornRock Properties has unveiled Legacy of Mountain Lakes, a townhome community in Morris County, N.J., and recently announced the acquisition of phase two of 31 additional homesites at Highpointe at Woodbury Junction, a single-family community in the historic Hudson Valley.

HornRock Properties is in discussion with and actively seeking offers from high net-worth individuals and private equity funds, entertaining partnership opportunities and embarking on a journey that will see them announce several additional new deals this year.

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