Staten Island: NYC’s farthest-flung borough gets ready for its close-up

via Adam Bonislawski/ New York Post

Today’s NY POST report on Staten Island real estate features Ironstate Development.

Everyone loves a water view, but, as the saying goes, God isn’t building any more beachfront property.

And so, as New York’s waterfront has emerged from its industrial past as a prime location for residential real estate, builders have steadily moved farther and farther afield in search of new spots for development.

Lately, they’ve made their way to Staten Island.

The city’s least populous borough, Staten Island has often been an afterthought in discussions of New York real estate. But with several hundred million dollars in commercial and residential development slated for the area, the island — and its Manhattan-facing north shore, in particular — is having a moment.

“It’s part of the larger story of outer borough waterfront development,” says David Barry, president of Ironstate Development, which is in the midst of converting The Homeport, a former US naval base in the north shore’s Stapleton neighborhood.

ENTER YOUR URL: Ironstate Development is transforming Stapleton’s erstwhile naval base into a mixed-use project (its courtyard above) called Urban Ready Living.

The mixed-use development, namedURL [Urban Ready Living], will feature 30,000 square feet of retail along with 900 rental apartments — studios from $1,600; one-bedrooms from $2,000; two-bedrooms from $2,700 — which will start leasing next summer. In addition, the city is investing $32 million for road improvements and a new waterfront esplanade at the site. Ironstate is also planning similar projects in Jersey City and Stamford, Conn.

“You’ve seen it in Brooklyn and Queens and Jersey City, and now Staten Island,” Barry says. “We’re in a period of time where waterfronts are turning over from industrial to residential, commercial and recreational — Staten Island is part of that progression.”

The Homeport development sits two railway stops south of the borough’s St. George neighborhood, home to the Staten Island Ferry terminal and the emerging epicenter of the island’s waterfront development.

FULL ARTICLE

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Kushner, Ironstate’s 18 Park kicks off leasing

Exterior 28p

via Julie Strickland/The Real Deal

Kushner Real Estate Group and Ironstate Development Company’s 422-unit downtown Jersey City rental building is now leasing.

The 11-story building is offering up a mix of studio, one- and two-bedroom units ranging from $2,200 to $4,000 per month, according to a release from the developers. Several of the units are built in “town home style,” while some boast terraces, while all feature stainless steel appliances, quartz countertops, 9-foot ceilings and hardwood floors throughout. Building amenities include Hudson River, Statue of Liberty, Ellis Island and Downtown Manhattan views, as well as a 24-hour doorman, fitness center, outdoor swimming pool, catering kitchen and dining space, wifi lounge, screening area, dog run, bike room and an enclosed parking garage.

18P

Designed to meet LEED certification, the property was also crafted to meet Feng Shui principles set forth by Feng Shui Manhattan.

The Marketing Directors is the property’s exclusive leasing agent.

The building will also be home to the new Boys & Girls Club of Hudson County, with a state-of-the-art facility with a gym and floor-to-ceiling glass wall that can be independently accessed.

18 P outside

The project, which broke ground in June 2012, marks the latest partnership venture between Ironstate and Kushner, who launched sales down the street at 225 Grand in 2010 and leased it up in ten months. Kushner Real Estate Group is run by Murray Kushner, not to be confused with his brother Charles of Kushner Companies.

Visit http://18park.com/

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One Man’s Bold Quest to Lure Cool New Yorkers to the City’s Least-Hip Borough

 

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CAN A NEW $150 MILLION DEVELOPMENT TURN STATEN ISLAND INTO A GENUINE RESIDENTIAL DESTINATION? HMM.

BY CAITLIN MOSCATELLO

Staten Island is one of New York’s five boroughs, but it seems like another world. Nobody goes there except for tourists who want to ride the free ferry and residents commuting home. The cool kids across the river have long laughed at the perennially unhip borough, treating it–if they ever think about it at all–like some loud, embarrassing cousin who you pray doesn’t show up at your birthday party and hit on your Warby Parker-wearing friends. The stereotypes can be ruthless: Mob Wives, tanning, SHOTS! SHOTS! SHOTS!, hair gel. Three members of the Jersey Shore cast were actually Staten Islanders. But here’s the thing: how many smug New Yorkers who mock that land on the other side of the ferry have actually spent any time there? What if Staten Island secretly has the potential to be…kind of cool?

FC BarryThat’s what David Barry is banking on, anyway. The 48-year-old co-president of real estate development company Ironstate is investing $150 million in a new residential project being built along the North Shore of Staten Island, and he’s specifically targeting the sort of cosmopolitan millennials who typically head directly to the sexier parts of Brooklyn. The project, set to open in fall 2015, is the first of Ironstate’s Urban Ready Living (URL) developments, which have been created with the help of Dutch design firm Concrete. The 571 initial units, with another 300-plus scheduled for phase two of construction, will be affordable–at least by New York standards, where the median price for an apartment tops $3,100 a month, according to data from the real estate research firm REIS. Pricing for the project isn’t finalized yet, but Barry says that 400-square-foot studios will start around $1,600, 550-square-foot one-bedrooms around $2,000, and 700-square-foot two-bedrooms around $2,400. That’s roughly $45 per square foot. Compare that to Williamsburg, Brooklyn–still the epicenter of NYC hipness–where studio apartments now cost an average of $2,632 a month, per the latest Brooklyn Rental Market Report.

FULL ARTICLE

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A New Jersey: Jersey City Surge

DN Cover JPEGDavid Barry and Ironstate Development are featured in today’s New York Daily News report on Jersey City development. Check out mentions of  URL Harborside, 18 Park, and 225 Grand.

Read the full article HERE.

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Groundbreaking held for 69-story all-inclusive waterfront development in Jersey City

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via Michaelangelo Conte/ NJ.com

A groundbreaking was held yesterday for a 69-story, 763-rental unit tower on Jersey City’s waterfront which has been described by a developer as “a neighborhood in a building.”

“It will be a vertical neighborhood,’’ said David Barry, president of Ironstate Development, which is undertaking the project with Mack-Cali Realty.

URL (Urban Ready Living) Harborside apartment building will be part of Mack-Cali’s Harborside Plaza and is the first of three planned high-rise apartments.

In the Atrium at Harborside 3, Mack-Cali President and CEO Mitchell E. Hersh spoke of the $291 million tower, saying, “We believe there is strong demand for a live-work-play environment that offers a true sense of community, all in an amenity-rich, transit-oriented location.’’

Barry noted the great draw of living on the Jersey City waterfront but noted not everyone can afford it. The tower will feature smaller, partially furnished apartments which “use space more efficiently.” But it will have common areas and amenities aimed at fostering a community feel and equating to more living space.

It will include a roof garden, common areas with free WiFi, a cafe in the lobby, a filtered water dispenser in the lobby to cut down on tenant bottled water costs, and other shared amenities.

The facility will “make it easy for a young urban resident to move in without a hassle,’’ Barry said. “I think these buildings (the project will eventually be comprised of three towers) capture the essence of Jersey City’s vibrant economy.’’

The cost of the rentals has not yet been determined, a spokesman said. The tower will be built adjacent to Harborside 5, which is on Hudson Street off Christopher Columbus Drive near Exchange Place. It is to be completed in 2016.

The developers received $33 million in tax credits from the state Economic Development Authority in October for the first tower.

Jersey City Mayor Steven Fulop spoke at yesterday’s event that was attended by more than 100 people and credited the administration of former Mayor Jerramiah T. Healy for handling the preliminary phases of the project. Fulop said the project speaks to the vibrancy of the city and thriving development seen in it.

“Not only will this be the tallest residential building in the state, the project also incorporates sustainability elements and develops a community-style concept through public spaces,’’ said Fulop. “We are pleased to be breaking ground on this exciting project today.’’

Star-Ledger staff writer Tom De Poto contributed to this report

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Mack-Cali Realty Corporation/Ironstate Break Ground On New Urban Ready Living® Residential Tower On Jersey City Waterfront

URL Harborside Day aNew 69-Story Tower Will be the Tallest Residential Building in New Jersey

Edison, New Jersey — Mack-Cali Realty Corporation (NYSE: CLI) and its joint venture partner, Ironstate Development Company, broke ground Tuesday, January 14th, on a new type of residential tower: URL® Harborside. URL®, which stands for Urban Ready Living®, is a direct response to the needs and desires of those looking to live in apartments that use less energy, provide more innovative spaces, and offer public areas that foster community.

URL® Harborside 1, a uniquely-designed, 69-story, multi-family residential tower, will bring 763 contemporary rental residences to Mack-Cali’s Harborside and the Jersey City Waterfront. The $291 million development, the first phase of URL® Harborside which will ultimately feature three towers comprising 2,358 residences overlooking the Manhattan skyline, is expected to be completed in mid-2016. The ambitious project will create hundreds of jobs in Jersey City, including construction and other full-time employment opportunities.

Jersey City Mayor Steven Fulop was on hand to announce the groundbreaking of the development. “This project speaks to the vibrancy of Jersey City, where development and investment continue to thrive,” said Mayor Fulop. “Not only will this be the tallest residential building in the state, the project also incorporates sustainability elements and develops a community-style concept through public spaces. We are pleased to break ground on this exciting project today.”

The move to start construction on a project of this magnitude signifies the continued confidence developers, business and civic leaders place in Jersey City as flourishing residential, lifestyle, and employment destination. There are currently approximately 5,000 residential units under construction in Jersey City and another 12,000 have approvals – with work expected to commence on more than half of them this year. In 2014, there will be more than 11,000 units under construction in Jersey City, illustrating the demand of the Jersey City residential market.

From left to right – Jersey City Mayor Steven Fulop, Ironstate Development Company President David Barry, and Mack-Cali President and Chief Executive Officer Mitchell E. Hersh.

From left to right – Jersey City Mayor Steven Fulop, Ironstate Development Company President David Barry, and Mack-Cali President and Chief Executive Officer Mitchell E. Hersh.

Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We believe there is strong demand for a live-work-play environment that offers a true sense of community – all in an amenity-rich, transit-oriented location. We chose to partner with Ironstate because of their vast experience and exceptional reputation in the development and management of high-rise residential real estate.”

The URL® concept was developed by Ironstate president, David Barry, to provide people with innovative housing that maximizes space, reduces energy consumption, is more environmentally sustainable, offers close and easy access to public transportation, and provides public areas that foster community. Designed by acclaimed Dutch architecture firm, Concrete, URL® Harborside will be a flagship property with a distinctive tower reflective of its waterfront landscape.

“We’re at a historic and interesting moment in the New York area,” said David Barry, president of Ironstate Development Company. “Everyone is drawn to live here, but the costs of housing can be prohibitive. To meet modern housing challenges, we need creative and thoughtful solutions. URL® provides a new paradigm for how people can live and work in the city – in a way that is more affordable, sustainable and community oriented.”

URL Harborside Skyline aURL® Harborside 1 will rise on a vacant parcel adjacent to Mack-Cali’s Harborside Plaza 5 and will become the tallest residential tower in New Jersey. Further, the project will provide a new east-west connection of Bay Street within Harborside and add public spaces and retail vibrancy to the neighborhood. The location provides unparalleled easy access to the Exchange Place PATH station, the Hudson-Bergen Light Rail, and nearby ferry service.

About Mack-Cali Realty Corporation

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 267 office and office/flex properties totaling approximately 31 million square feet and 12 multi-family rental properties containing over 3,600 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at www.mack-cali.com.

About Ironstate Development Company

Ironstate Development Company is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of residential and hospitality assets. Additional information on Ironstate Development Company is available on the Company’s website at www.ironstate.net.

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Reports on Form 10-K, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

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Jefferson Condos in the East Village sell out

via Julie Strickland/The Real Deal

From left: Jackie Urgo and 211 East 13th Street

From left: Jackie Urgo and 211 East 13th Street

The East Village’s Jefferson condominiums are 100 percent in contract.

The final deal at the 82-unit property at 211 East 13th Street, developed by a partnership of SK Development, Ironstate Development Company and Charles Blaichman, was signed last week.

Asking prices ranged from $795,000 for a 536-square-foot studio to more than $3.5 million for a 1,233-square-foot, two-bedroom penthouse. Sale prices averaged at $1,670 per square foot.

A team from the Marketing Directors led by Jacqueline Urgo and Martin Brady handled sales at the development, and closings are slated to start in April 2014.

“The product was planned perfectly for the marketplace, including an exterior that fit in contextually with the neighborhood,” Urgo said via email. “While other developers were building family-sized residences, we planned smaller homes for this marketplace, a decision that was validated by the strong velocity of sales.  Our buyers were predominately primary residents, many of whom were already committed to the East Village neighborhood and wanted to move up to this level of luxury and lifestyle.”

The unit mix, price points and relative lack of new development in the East Village also helped drive the sales, which started this past April, SK’s Scott Shnay told The Real Deal.

And while additional condo projects are a possibility for the area, “I don’t know if there are a ton of potential sites,” he said. “There are some projects planned that are rentals. But [our success] shows there’s definitely demand for higher end condo projects.”

While Downtown development is familiar territory for SK and Blaichman, it marked the first such project for New Jersey-based Ironstate. The firm is one of the Garden State’s largest, and has also partnered with Andre Balazs on the Standard East Village.

SK is also busy with the Reade Chambers, a six-story condo building at 87 Chambers Street in Tribeca, slated to launch sales in the first quarter of 2014. Bruce Ehrmann and Andrew Anderson of Douglas Elliman Development Marketing are the exclusive sales agents for the building.

Reade Chambers, located at 71 Reade Street and which has an alternate address at 87 Chambers Street, will launch sales at the start of the New Year, Shnay said. The 17-unit property has a mix of one- to four-bedroom apartments, with prices ranging from $1.4 million to over $7 million.

Soon after, sales will kick off at 10 Bond Street, which SK is developing with Ironstate and the Chetrit Group. The Noho property will have 11 residences up for grabs, including two- and three-bedroom units, plus one townhouse and one penthouse in the mix. Prices will start at around $4 million and going up to over $12 million, Shnay said.

 

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