Castle Lanterra Properties Kicks Off Educational Tenant Scholarship Program

Residents and Dependents of Bayonne’s Harbor Pointe are Eligible

Castle Lanterra Properties (CLP) has launched an academic scholarship program to provide opportunities for its tenants at the company’s residential properties throughout the east, south and midwestern U.S., announced Elie Rieder, founder and CEO of the New York-based, privately-held real estate company. The Castle Lanterra Properties Scholarship Program will be offered to residents and their families within the company’s 3,000+-unit multifamily portfolio. In Bayonne, the program is open to residents of the recently acquired, 544-unit Harbor Pointe on the city’s waterfront.

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Elie Rieder, founder and CEO of Castle Lanterra Properties

“Philanthropy has always been a vital part of our business philosophy,” said Rieder, “and we are pleased to be able to give back to the residents of our communities with this meaningful program.” Education has always been an important cause to the family.

“The quality of life of our residents remains a very high priority, as always, and we are pleased to be able to reward the loyalty of residents with this opportunity,” he said. “It is our desire for our residents to feel proud of where they live.”

“We’re working closely with property managers at each of the properties eligible for this program,” explained Jim Brady, vice president of property management and operations at Castle Lanterra. “Our property manager at Harbor Pointe is enthusiastic and very knowledgeable about the residents and has expressed great interest in the scholarship program.”

“This opportunity is amazing,” said Paul Medawar of Alliance Residential Co. and Business Manager at Harbor Pointe. “We are so fortunate to be working with Castle Lanterra Properties.”

Castle Lanterra tenants who are eligible include high school seniors, graduates and post-secondary undergraduates who plan to enroll in full-time undergraduate study at an accredited two- or four-year college, university, or vocational-technical school for the entire 2016-2017 academic year. The company will award $5,000 for the top scholarship recipient and two additional $1,000 awards.

The program is designed to recognize students with strong academic performance who demonstrate leadership and participate in both school and community activities. Work experience, career and educational goals, and any unusual personal or family circumstances are also considered.

“We chose to have students write an essay covering some issue of ‘personal, local, national or international’ concern. The goal is to encourage self-expression and consideration of the world today and their role in the community,” Rieder said.

The program launched Monday, January 11 with an application deadline of March 1, 2016.

Russo Development Proposes Riverfront Project

This caught the eye of Bayonne FYI, even though it more Bayonne-adjacent! 



A developer has proposed building 458 units of rental housing on a sprawling tract along the Passaic River.

Representatives from Carlstadt-based Russo Development presented their proposal for the Passaic Avenue project at a meeting of the town’s governing body Wednesday.

The development would be located within the Passaic Avenue redevelopment zone and would occupy four tracts, three of which are currently privately-owned and another owned by the town.

The narrow riverfront tracts would begin south of a property that once housed a Pathmark supermarket and end at the town’s border with East Newark.

The single building, which would be divided into two-, three- and four-story sections, and surrounding amenities would occupy 12 of the area’s 16 acres, according to Edward Russo, a principal with the firm. The development would also have a clubhouse, dog park and pool.

Two parking garages incorporated into the structure would accommodate up to 583 cars and 73 outdoor spaces would handle visitor and overflow parking, Russo said.

“Recently over the last few years, the market has come back really strong,” Russo said. “We believe the impetus is really strong for meaningful mixed use development in this area.”

A leasing office for another Russo Development, Vermella Crossing, recently opened on Bergen Avenue near Schuyler Avenue. Demand for one-bedroom apartments has been especially high, with rents running between $1,600 and $1,700, according to Russo. Two-bedroom units at Vermella Crossing, which will have a ribbon cutting in September, are fetching $2,200 to $2,300 a month, he added.