What The Pegasus Group does

The Pegasus Group is a privately held real estate development company founded in 1997 and headquartered at 115 Broadway, 5th Floor, New York. The firm specializes in transit-oriented mixed-use development along the PATH train corridor serving New York City, with primary operations in Harrison, Hoboken, and Glen Ridge, New Jersey. Its core competency is the conversion of brownfield and underutilized industrial sites into residential, retail, hospitality, and parking assets. The company has cumulatively developed over 2 million square feet of real estate, 2,500 residences, and over $1 billion in total assets developed across a portfolio of branded projects.

The company's project portfolio includes market-rate multifamily apartments (The Eddy, URBY, 300/330 Harrison Station, Hudson Park), adaptive-reuse historic loft conversions (Clinton Mills, The Grand Adams), a 138-room Element by Westin hotel developed in partnership with Starwood, structured public parking facilities (1,440-space Harrison Station garage built for Hudson County Improvement Authority), and luxury condominiums (The Reserve at Glen Ridge). A 250-residence pipeline is currently in development, anchored by the Harrison Collection Future Phases targeted for 2024 completion. The company maintains a deliberate regulatory and technical competency in environmental remediation of historic fill, PCBs, VOCs, organic solvents, heavy metals, and Brownfield sites.

The business model is asset development for sale or long-term hold, with revenue generated through one-time property development, sales, and selective rental operations. The go-to-market is sales-led and direct, sourcing land, negotiating acquisitions, managing entitlements, executing development, and often retaining select assets for property management. Customer segments are horizontal: end-user residential buyers and renters, municipal and government entities contracting via public-private partnerships, and branded-hotel guests. The firm is founder/management-owned by three principals — Richard A. Miller (CEO, NYU MBA), Michael E. Richman (COO, ex-Hines Properties), and Edward Kohler (CFO, ex-Parkway Corporation) — with no disclosed institutional investors or parent entity.

Name

The Pegasus Group

Legal name

The Pegasus Group LLC

Website

https://thepegasusgroup.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

The Pegasus Group is a private, transit-oriented real estate developer founded in 1997, specializing in brownfield remediation and adaptive reuse to build mixed-use residential, retail, hospitality, and parking assets along the PATH train corridor serving New York City.

Ownership category

akta.pro rank

Product category

Real Estate Development

akta.pro primary industry

Urban Renewal, Brownfield Redevelopment & Land Reuse (BPAIANAI)

akta.pro secondary industry

Brownfield Redevelopment Support (Site Characterization & Reuse Planning) (EUAHAFAJ)

Keywords

• Transit-oriented development
• Brownfield remediation
• Adaptive reuse development
• Mixed-use real estate
• Urban redevelopment

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Others

Revenue model

1. Real Estate Development and Sales: The company develops residential, retail, hospitality, and parking assets for sale or lease. Revenue is generated through property development, sales, and long-term ownership of multi-family residential buildings and commercial spaces.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

The Pegasus Group is a real estate development company founded in 1997 that develops mixed-use projects—including residential, retail, hospitality, and parking—along the PATH train corridor between New York and New Jersey. The firm focuses on transit-oriented development and specializes in brownfield remediation and adaptive reuse of former industrial sites near rail infrastructure.

Product overview

The Pegasus Group is a transit-oriented real estate development company that develops residential, retail, hospitality, and parking assets. The company operates as a portfolio of distinct project brands within its Harrison Collection (including The Eddy, URBY Harrison Station, 330 Harrison Station, Element by Westin, 300 Harrison Station, and the Public Parking Garage) as well as standalone properties across New Jersey (Hudson Park, Clinton Mills, Park on Park, The Grand Adams, The Reserve at Glen Ridge, and 555 1st Street). The company's core offering consists of market-rate apartments, adaptive reuse conversions of historic industrial buildings into residential loft units, extended-stay hotels, and structured parking facilities, all focused on transit-accessible urban locations near mass transit networks serving New York City.

Differentiator

Problem solved

Functional benefit

Products and services

• Transit-oriented mixed-use development
• Brownfield remediation and adaptive reuse development
• Residential real estate development
• Retail real estate development
• Hospitality real estate development Development of hotel and hospitality assets as part of mixed-use projects along the PATH corridor. Targeted at hospitality operators and business/leisure travelers in the NY/NJ market.
• Parking facility development Development of structured parking facilities integrated within mixed-use transit-oriented projects along the PATH corridor. Targeted at commuters, residents, and visitors using the firm's developments and adjacent transit stations.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and major.

• Ironstate DevelopmentcoreStrategic or Co-development PartnerJoint development partner for URBY Harrison Station project - Phase 1 includes 409 apartment units and 3,760 square feet of retail. Phase 2 adds 270 units for total of 679 units.
• Hudson County Improvement AuthoritycoreStrategic or Co-development PartnerPublic-private partnership for development of 1,440-space public parking garage at Harrison Station - Pegasus acquired, zoned, remediated and constructed the facility serving the adjacent PATH station.
• Starwood Hotels & Resorts (Element by Westin)majorStrategic or Co-development PartnerPartnership for 138-room extended-stay Element by Westin hotel at Harrison Station - branded hotel development serving PATH transit commuters.

Scale indicators7 records

Expansion highlights3 records

Broad incumbents

• The Related Companies: Major national developer of large-scale mixed-use, affordable, and market-rate multifamily projects including Hudson Yards. Comparable to Pegasus in product type (urban mixed-use multifamily) and public-private partnership approach, though at meaningfully greater scale and geographic breadth.
• Equity Residential: Large public apartment REIT with significant urban high-rise holdings including Jersey City and Hoboken. Comparable to Pegasus in product type (urban market-rate apartments along the Hudson waterfront) and target renter demographic, though operates a stabilized portfolio rather than ground-up development.
• AvalonBay Communities: Public multifamily REIT with a dense portfolio of apartment communities in the NY/NJ metro including transit-oriented NJ submarkets. Comparable to Pegasus in core product (urban garden-style and mid/high-rise market-rate apartments near transit), though operates as a capital-light REIT rather than a developer.
• LeFrak: One of the largest family-owned real estate developers in the NY/NJ region, with extensive multifamily and mixed-use holdings including Newport in Jersey City adjacent to the PATH corridor. Comparable to Pegasus as a vertically integrated NJ-based residential developer, though far larger in scale and asset base.

Direct peers

• Hartz Group: Long-standing family-owned NYC/NJ-area real estate developer with multifamily, mixed-use, and commercial holdings concentrated in northern New Jersey. Comparable to Pegasus in family-owned structure, NJ geographic focus, and adaptive reuse of legacy industrial sites.
• L+M Development Partners: NYC-based affordable and market-rate multifamily developer with active ground-up and adaptive reuse projects across the NY metro including NJ. Comparable to Pegasus in urban mixed-use multifamily product, brownfield/adaptive reuse capability, and reliance on public-private partnerships.
• LCOR: Real estate investment and development firm with a stated focus on transit-oriented, mixed-use developments in the Northeast. Directly comparable to Pegasus given shared TOD strategy, urban infill positioning, and multifamily/mixed-use product mix in the NY metro region.
• BRP Companies: NYC-based multifamily and mixed-use developer with a strong affordable/workforce housing orientation and active NJ presence. Comparable to Pegasus in urban infill focus and reliance on public-sector partnerships, though with a more pronounced affordable housing mandate.
• Ironstate Development: NYC/NJ-based developer with deep focus on large-scale, transit-oriented multifamily and mixed-use projects along the Hudson River waterfront. Directly comparable to Pegasus as co-development partner on URBY Harrison Station (679 units), with overlapping product type, geography, and TOD thesis.

Emerging players

• Mill Creek Residential: Nationally active multifamily developer with a focus on transit-oriented and walkable urban infill projects, including the Northeast. Comparable to Pegasus in transit-oriented multifamily development strategy, though operates at greater geographic scale and has institutional capital partners.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/the-pegasus-group-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Pegasus Group