Harrison Construction, a new construction company founded by billionaire Harrison Harrison, is slated to begin construction on a new $200 million condominium high-rise tower on Fifth Avenue in New Jersey next year.
The building, which is expected to be completed by the end of 2019, will feature 400,000 square feet of commercial space and include an additional 40,000 units of housing, according to a statement from Harrison Construction.
“We are excited to be working with Harrison Construction and we look forward to welcoming Harrison’s guests and residents to the building as soon as possible,” said David Hirsch, Harrison Construction’s president.
Harrison Construction has a number of properties in New England and is in the process of acquiring two other buildings in Connecticut, a $40 million development in West Hartford and a $30 million development near Boston.
It also has plans to build an 800,000-square-foot development in East Rutherford, N.J., that is slated for completion by 2020.
The company is also in talks to purchase a parcel of land in the Brooklyn borough of Queens, according the statement.
Hirsch and Harrison Construction will build the tower in partnership with Hudson Realty, a New York real estate development firm.
Harrison’s first-quarter earnings were revised upward to $10.6 billion, from $9.9 billion a year earlier.
The stock rose $1.6 percent to $38.40.
Harrison and its parent company, Harrison Enterprises, are also planning to build a luxury hotel and condominium development in Brooklyn, according a report in The New York Times.
The Harrison Development is a joint venture between Harrison Properties and New York developer David J. Harrison.
The project is part of the New York Development Corp. The developer is building the new luxury hotel, apartments and offices at a site in Gowanus that is a part of a redevelopment of the former H&M grocery store.
H&am, which closed in 2013, was one of the city’s oldest grocery stores and was once the flagship of the neighborhood.
It closed in 2010, but reopened in 2014 under the new name of J. J. Watt’s Place.
The city recently began working on a plan to redevelop the former grocery store site, which has the potential to transform a blighted neighborhood.