HARRISON, NJ—HornRock Properties, a privately run real estate development firm led by Maurice and David Hornblass, is developing a 270+ unit apartment building in Harrison, NJ, that 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.
“What separates us from other homebuilders actively looking to add assets is a willingness to invest and build a variety of product types as long as they meet certain criteria,” says David Hornblass. “We seek properties that are well-located, near transportation and are in markets where there is either a strong demand for a specific housing type or tremendous growth potential.”
HornRock 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, NJ-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.
“Several factors have enabled us to greatly expand our portfolio and has us well positioned for future investment opportunities,” says Maurice Hornblass. “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, NJ, 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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
