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.
The outlook is good even for nonprofit buyers. That’s because “cultural spaces are considered a sexy partner to have,” according to Wolf, a principal at the firm. Developers might look to nonprofit partners because of the cachet their programs bring, and because most nonprofits don’t need the foot traffic that retail spaces do and can thus be more flexible in terms of location. “Nonprofits are good partners in larger developer projects,” said Powers. “There’s interest in having a community partner.”
Such was the case for Gary Greenberg, executive director and CEO of the Boys and Girls Clubs of Hudson County in Jersey City, N.J. Greenberg’s organization, housed in a retrofitted coal bunker since 1984, will move to a new facility about 200 yards away at no cost. Ironstate Development and Kushner Real Estate Group (KRE), developers of the new building known as 18 Park, approached Greenberg to ask if he would consider selling a portion of current property. Talks soon moved to selling the entire lot, and the developers suggested the Boys and Girls Clubs move into 18 Park, which is slated for completion next year.
Having a nonprofit on the ground floor is “helping to get notoriety and in general, the community, the city and lenders feel great about it,” said David Barry, president of the Hoboken, N.J.-based Ironstate Development. “Overall it’s a great thing and people feel good about it. Whether it has a direct impact on dollars per square foot on the apartments, I can’t really say.”
The deal consists of selling the Boys and Girls Clubs’ current land and moving into the new space, and the Club will get to keep the difference between the sale price and the cost of the new space. The net gain for the Boys and Girls Clubs could reach up to $5 million, said Greenberg and Barry.
The sale of the old building closed in early May, and Barry said it sold for “roughly $12.5 million.” He added, “The city allowed us to zone (the old site) for additional development, and that allowed us to pay more than just the cost of relocating the Boys and Girls Clubs.”
Most of 18 Park will be luxury rentals, but Greenberg will have about 35,000 square feet on the ground floor, which is roughly the size of his current space. The new construction means fewer upkeep and repair costs. “There isn’t a day that’s gone by in the last 20 years we haven’t been fixing or repairing something. It’s a fortune to run and maintain,” said Greenberg about the current space. Once the club moves, he said, “Rather than spend funds on occupancy, we’re able to use those funds for the kids and the programs. It saves a tremendous amount.”
The club’s presence in the building is also beneficial to tenants, said Greenberg. He’s going to keep the facility open after hours so 18 Park residents can use the gym. “Imagine you’re a young guy, still playing a little ball, you know after the kids are gone you can go down and use the facility,” said Greenberg. The clubs’s space is “a community center for the building, as well.”
STATEN ISLAND, N.Y. — Twenty years after the U.S. Navy left the Stapleton home port behind, redevelopment of the prime piece of waterfront has finally begun — and it’s just the beginning of $1 billion in private investment slated for the North Shore.
“Now, at long last , we’re about to do something different with this site, something new,” Mayor Michael Bloomberg said. “Not a naval vessel but a bright new future for a stunning, but long neglected, stretch of our waterfront.”
Bloomberg was on hand Thursday to turn a shovel at the groundbreaking for the $150 million development that will eventually contain 900 apartments and 30,000 square feet of retail space — all of it with “some of the best harbor views anywhere in the city,” he said, featuring the Manhattan skyline and the towering Verrazano-Narrows Bridge.
And the city will pump $32 million into the project, in the form of infrastructure upgrades, including development of a waterfront esplanade. Of the apartments, 20 percent will rent for below-market rates, Bloomberg said, and the enterprise will create 1,100 construction and 150 permanent jobs.
“Today’s groundbreaking also marks a big step toward realizing our vision for the dynamic future of Staten Island’s entire North Shore,” Bloomberg said.
With the New York Wheel and Empire Outlets planned to open beside the St. George Ferry Terminal in 2016, and Light House Point identified as a spot for another mixed-use development that would include a hotel, Bloomberg said roughly $1 billion in private investment in projects “are going to bring new life, new jobs, new opportunity to this community.”
“Welcome to the Renaissance of the North Shore,” City Councilwoman Debi Rose (D-North Shore) said.
At the home port, phase one, to be completed in 2015, will include 570 apartments and 25,000 square feet of retail — which David Barry, president of Hoboken-based developer Ironstate, said would be mainly food-and-drink options, so people can enjoy time along the waterfront. Many of them will be familiar names, but not national chains, he said.
“We’re looking in places like Brooklyn, in Staten Island and in New Jersey,” he said. “We’re not focusing on national chains, but people who have successful businesses in these areas and are looking to open a second or third location.”
They’re also looking to attract the twentysomethings who routinely flee the borough to live somewhere hipper, more affordable, or more connected to mass transit.
“This development is designed to be particularly attractive to young Staten Islanders, just starting their careers,” Bloomberg said. “And that’s going to meet an unfilled need on Staten Island, which for too long has lost many of its young adults to other boroughs, just because they couldn’t find apartments the right size for somebody starting out.”
The development has been long in coming — Borough President James Molinaro said requests for proposals first went out in 2003, 10 years after the Navy left. It took until 2008, he said, to find Ironstate and bring them to the Economic Development Corporation to get approved for the job said — and it was a further five years to the groundbreaking.
But Molinaro said it wouldn’t have happened at all without a third term for Bloomberg.
“Do you really think we’d be standing here today, or sitting here today celebrating this? Do you think we’d be celebrating the Wheel or the outlet center? No, we wouldn’t have been. We definitely wouldn’t have been,” Molinaro said. “So the additional term that he ran for, people may not be satisfied in Queens or Brooklyn or the Bronx. I really don’t care. For Staten Island, it was a blessing.”
There were many ideas for the area — including a park, which Molinaro shot down, saying the area should generate tax revenue. Ms. Rose said the best idea ultimately won out.
“This one turned out to be the most comprehensive strategy that would benefit our local economy as well as maintain our young people in place,” she said. ‘When we lose them we lose what they have to share with our communities.”
It’s Ironstate’s first development in Staten Island — but they’ve developed dozens of waterfront locations, including the W Hotel in Hoboken and Pier Village in Long Branch in New Jersey.
“We’re in a period of time when a lot of our industrial properties are changing over and becoming more commercial and more residential, and I think this is emblematic of that,” Barry said, “and emblematic of this move to respect the outer boroughs and what they have to offer.”
The project has been built to FEMA’s new flood standards, Barry said, and the company’s waterfront developments elsewhere weathered Sandy well. In addition to being at the proper elevations, the homeport development will feature generators to power elevators, charge phones and keep the management office running.
“We’re very, very confident that we are well-prepared for any storm that’s going to come,” Barry said.
NY1 VIDEO: Staten Island’s North Shore waterfront is going look much different in just a few years with several development projects in the works. One that is already underway is the mixed-use development of the former Stapleton Homeport, which was briefly occupied by the Navy — but that ended in 1994 as part of a nationwide defense downsizing effort. Nearly two years ago, a deal was reached to build 900 units of housing and 35,000-square-feet of retail space on the site. NY1′s Bree Driscoll sat down with Dave Barry, the president of Ironstate Development Company, to talk about the project.