M id A tlantic Real Estate Journal — Owners, Developers & Managers — September 25 - October 15, 2020 — 11B
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O wners , D evelopers & M anagers Twenty percent of community leased before opening Russo Development's Vermella East is open for leasing
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clubhouse with ample cowork- ing spaces, and other outdoor amenities including a dog run and spacious lounge areas com- plete with barbeque grills and firepits. Vermella East looks forward to beginning a robust community events program, which will include yoga classes, cooking demonstrations, and specialty curated events. Vermella East is also locat- ed within walking distance of the Kearny Commons retail corridor with Shoprite, BJ’s, Marshalls, LA Fitness, Ulta Beauty, Starbucks, Chi- potle, and a new urgent care center. MAREJ
EARNY, NJ — The first of more than 40 residents have begun moving into Vermella East, Russo Development’s latest luxury rental apartment com- munity, located in Kearny’s newly-establ ished Hudson Pointe residential and retail district. Vermella East’s location in Hudson Pointe, a walkable neighborhood offering well -known retail and dining op- tions and highlighted by the seven-mile scenic Passaic River Walkway, makes the simple act of coming home truly feel like arriving at a destination. The club room, the nexus of the community’s amenity offer- ings, sets the tone in what the developer is calling a sophisti- cated industrial aesthetic, en- chanting residents and visitors with a boutique hotel vibe taste- fully adorned with elements to respect its history as the site of a former factory. Vermella East is already 20 percent leased just weeks af- ter the leasing office officially moved on-site, indicating that its opening rental pace could even surpass that of Russo Development ’s other two com- munities in Kearny. Vermella West’s 280 units, also on Pas- saic Ave., and Vermella Cross- ing, a 230-unit community with a CVS and Investor’s Bank at Schuyler and Bergen Avenues, have both been consistently at a 98 percent occupancy rate since opening in 2018 and 2015 respectively. “Our Kearny communities are very appealing to people who might have once considered renting in New York City or Jersey City as here they can get a larger and brand new rental apartment, have more ways to enjoy time spent at the on-site common areas, and access to our expansive outdoor space,” said AdamPasternack , presi- dent of Russo PropertyManage- ment. “Our strategy to build mid-rise, highly-amenitized buildings in a campus environ- ment long-precedes the CO- VID-19 quarantine, but is very appealing now that people are looking for their rental dollar to go farther while enjoying a less dense work-from-home-friendly environment.” Vermella’s signature amenity package includes a resort-style pool, multi-level fitness center featuring Fitness on Demand and a yoga studio, a game room with billiards and TVs, a
Vermella East
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