NY1 VIDEO: While a lot of attention is being put on development projects in St. George including the NY Wheel and Empire Outlets, another development project just down the shoreline is getting closer to completion. The project is transforming 36 acres on the former Stapleton Homeport into a sustainable waterfront community. It will include 900 units of housing and 35,000 square feet of retail space. NY1’s Bree Driscollsits down with Dave Barry who is the President of Ironstate Development Company.
After decades spent building a vast multifamily portfolio around New Jersey’s Gold Coast and then New York City, Ironstate Development is adding a new location to its list of target markets: Stamford, Connecticut.
The well-respected Hoboken-based firm is preparing to start construction on a 672-unit, mixed-use project in that city, which sits about 40 miles from Manhattan and is connected by a busy Metro-North rail station. Working in a joint venture with The Rich Co., a local developer, Ironstate said it expects to begin site work next month and deliver the first phase of 194 units by around fall 2016.
As developers go, David and Michael Barry are just about as prolific and active as anyone else in New Jersey. But that’s not because they simply finish a project and then move onto the next one.
Quite the contrary — the heads of Ironstate Development are as much about building neighborhoods as they are about building a single multifamily high-rise or chic urban hotel.
“Whether it’s Staten Island, whether it’s parts of Jersey City — or as we once did in Hoboken or New Brunswick — we pick a place and we really like to make multiple investments there,” David Barry said, “because we think that we have the skill and wherewithal to change the perception of that neighborhood.”
The Hoboken-based firm proved that once again in 2014, from opening the second piece of its mixed-use redevelopment in Harrison to breaking ground on a multiphase, three-tower project on the Jersey City waterfront. And its pipeline is as full as ever with projects in well-connected urban centers around the region — continuing the model that has helped Ironstate thrive for decades.
NJBIZ sat down with firm’s principals to discuss 2014, the industry and its plans going forward.
According to Mayor James Fife, Harrison, NJ, once held the state record for the most liquor licenses issued in a square mile. Today Harrison seems to be gunning for the title in a new category — building permits.
There’s a construction boom underway in this town, tucked into a bend of the Passaic River across from Newark.
Roughly 8,000 new residential units are slated to come to market in Harrison over the next decade, Fife says — this in a city with a population of just under 14,000. Add to that the opening four years ago of Red Bull Arena here — a 25,000-capacity stadium that serves as the home of Major League Soccer’s New York Red Bulls — plus a planned $256 million modernization of the Harrison PATH station, and you have a town on the make.
And what else accounts for its soaring appeal? As the old real estate saw would have it, location, location, location.
“Location is first and foremost,” says Michael Barry, president of Ironstate Development, which, with The Pegasus Group, is currently constructing their multi-phase, mixed-use Harrison Station development next to the Harrison PATH station.
Thus far, the partners have completed a 275-unit rental building — with studios from $1,460, one-bedrooms from $1,820, two-bedrooms from $2,155 — and are currently putting up a 329-unit rental building scheduled to open next year. They also last month opened a 138-room Element by Westin hotel as part of the project. When completed, the Harrison Station complex will comprise seven buildings, 2,250 residences and 80,000 square feet of retail space.
“Harrison is located on the PATH train, and that gives you direct access to Jersey City, New York City and Newark,” Barry says. “So essentially from the [town’s] redevelopment area, you’re less than five minutes into Newark, about a 10- to 12-minute ride into Jersey City, and about a 20-minute ride into New York City.”
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.
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.
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.
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.
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.
CAN A NEW $150 MILLION DEVELOPMENT TURN STATEN ISLAND INTO A GENUINE RESIDENTIAL DESTINATION? HMM.
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?
That’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.