David 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.
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.”
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
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.
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 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.
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.
New development and historic preservation are often considered uneasy bedfellows, but both are thriving in Staten Island’s Stapleton neighborhood.
Developers recently broke ground on a large waterfront project that will have around 900 units of housing. Community groups in the area, meanwhile, are campaigning to protect and maintain the area’s historic housing stock.
This summer, ground was broken on a $150 million development on the waterfront that was part of a decommissioned Navy homeport. In addition to about 900 housing units, the project by New Jersey-based Ironstate Development will also include store spaces and parking. The city will be putting $32 million into improving infrastructure in the area and building out an esplanade.
“We see this as part of a macro trend of industrial, riverfront properties turning from industrial to mixed-use,” said David Barry, the president of Ironstate Development, which has constructed mixed-use waterfront developments in Hoboken and Long Branch, N.J.
New venture marks McLoone’s tenth restaurant
Hoboken, NJ - McLoone’s Restaurants is thrilled to announce that they will be opening a new “Pier House” restaurant at The Shipyard, a mixed-use community of luxury residences and upscale retail space located on Hoboken’s northern waterfront facing midtown Manhattan. This McLoone’s restaurant will expand the very successful “Pier House” concept to three locations; adding to the original in Long Branch (2005) and National Harbor, Maryland (2010). The Hoboken location will offer McLoone’s “upscale dining for the entire family” with New American cuisine, neighborhood signature dishes, an extensive wine list and specialty drinks. Renovations are planned for the 7,000 square-foot venue, owned by Ironstate Development Company, since it is an existing restaurant space with many interior architectural accents. McLoone’s Pier House boasts soaring ceilings, vibrant features, and spectacular views of the Manhattan skyline that will debut in Spring 2014. Pier House will be added to an impressive list of ten restaurants owned by McLoone’s hospitality company. Visit www.mcloones.com for all restaurant locations.
“We couldn’t pass up the opportunity to create a new restaurant located in the iconic city of Hoboken. The Shipyard is a great community”, cheers Tim McLoone, president of McLoone’s Restaurants. “With an exceptional waterfront location just steps from a New York Waterway Ferry Terminal and convenient Valet Service, we expect to attract patrons from throughout New Jersey and Manhattan”. Tim is known throughout New York and New Jersey as a celebrated musician, entertainer, athlete, restaurateur, entrepreneur, humanitarian and renaissance man. His interests and core values have cultivated a unique company brand that has been a successful formula for over twenty years.
The interior concept is being designed by Cahill Studio Inc. that will reflect the flavor of its unique surroundings. The existing framework of the multi-faceted interior space, formerly Lua Restaurant, offers an open, fluid environment that evokes a hip and social environment for both dinner and cocktails. The restaurant’s centerpiece is a one-of-a-kind elliptical bar with a glowing amber resin top that flows out from a curved wood base. It is oriented to provide a 360-degree view of the restaurant. The two-level dining room, which will seat about 150 people, is separated from the bar area by a freestanding custom partition which provides privacy for diners. A series of banquets along the perimeter allows intimate dining experiences, while oversized windows provide a spectacular view of the Manhattan skyline. The lounge area can be used for private parties or casual cocktails and provides a more relaxed and easy atmosphere.
Developed and owned by Ironstate Development Company, The Shipyard in Hoboken features 1,160 luxury rental and for-sale residences, 65,000 square feet of retail space, a public waterfront promenade and park, a ferry terminal with service to midtown Manhattan and a full-service marina. Ironstate also owns Pier Village in Long Branch, where one of McLoone’s restaurants has been located since 2005. Since Ironstate and McLoone’s have a long-standing business relationship, principals from both enthusiastically embraced the possibilities of continued success with a second waterfront location.
“We’re excited to add McLoone’s Pier House to The Shipyard,” said David Barry, President of Ironstate Development Company. “Tim’s restaurant concept has been an important contributor to the overall lifestyle at our Pier Village community in Long Branch, and we’re confident it will achieve similar success in Hoboken.”
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.
Visit www.mcloones.com for additional information.