Category Archives: Harrison Station

Harrison: Buzzing with Evolution

The July/August issue of INDUSTRY magazine features Ironstate Development and its various projects in Harrison, NJ.

2016-08-15_11-54-03

Creating “modern urbanism” communities where factories and warehouses once stood is a hallmark of a development firm whose latest endeavor is attracting new life to Harrison

When completed, the seven-building mixed-use development rising adjacent to the PATH Station in Harrison will feature six buildings of 2,250 luxury residences and 80,000 square feet of retail space, and already features an Element Hotel with a retail concourse on a 27-acre site. Developed by Ironstate Development and The Pegasus Group, Harrison Station’s estimated total cost is $750 million.

Harrison, in Hudson County along the Passaic River, gained national recognition when visiting President William Howard Taft declared it a “Beehive of Industry,” a motto that stuck. Ironstate recognized the town’s assets, including a new soccer arena (home to Major League Soccer’s Red Bulls) and a vibrant multicultural community. What the town lacked was a modern, enticing residential/lifestyle component that would appeal to today’s urban tastes.

Ironstate’s ambitious development is based on the principles of New Urbanism, which combines residential units, retail, a hotel, pedestrian-friendly thoroughfares, and a progressive yet historically respectful design. The Harrison Station site had long been home to industry and warehouses. As directed by the community’s Waterfront Redevelopment Plan, the project provides a modern transit-oriented development that emphasizes environmental responsibility and community connectivity. Minno & Wasko Architects and Planners, based in Lambertville, was hired to provide the desired structural aesthetic for the residential aspects, and has completed other successful residential, commercial, mixed-use, and hotel projects, including the Bungalow Hotel and Le Club Avenue restaurant in Long Branch and 100 Marketplace in Bernards Township.

FULL STORY


Jersey Sure! No longer is Newark’s shadow, Harrison embraces big-time development

NY Post site logoVia Adam Bonislawski/New York Post

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.

Elaine Lau, with daughter Violet, moved with her husband, Jonathan Proman, to the new Harrison Station complex, which will ultimately have 2,250 residences. Photo: Jennifer Brown for the New York Post

Elaine Lau, with daughter Violet, moved with her husband, Jonathan Proman, to the new Harrison Station complex, which will ultimately have 2,250 residences. Photo: Jennifer Brown for the New York Post

“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.”

FULL ARTICLE


An Ironclad Growth Plan

BARRY BROTHERS MAKE IRONSTATE A SUCCESS BY STICKING TO DEVELOPMENT STRATEGY

By Joshua Burd

Ironstate Development principals David, left, and Michael Barry at the site of 18 Park, a 422-unit residential building in Jersey City.

 

 

 

The ability to stick to a plan has always been a key strength of David and Michael Barry. Like their father and grandfather, who founded the development business they now lead, the brothers have stayed atop the industry by staying true to a strategy of building their multifamily and mixed-use projects around the state’s bustling urban centers.

But that hasn’t stopped Ironstate Development from evolving under the brothers’ watch. In recent years, the firm has become a player in the region’s hotel market, and the Barrys are now expanding its reach beyond traditional hubs like Hoboken and Jersey City.

“We’re not single-family homebuilders, we’re not suburban office builders, we’re not strip mall builders or any of those things,” David Barry said from his firm’s Hoboken office. “So when you talk about what we do, which is building multifamily at scale, you need places that are going to accommodate that.”

Multifamily has weathered the storms of the troubled real estate market, helping to expand Ironstate’s pipeline and portfolio in recent years. The development firm of about 50, which descends from the family’s Applied Housing Co., has added more than 1,600 residential units, 55,000 square feet of retail and two hotels since 2007.

The Barrys’ firm now owns and manages more than 6,000 residential units, and has a $1 billion project pipeline that includes another 7,100 units, according to the firm. Its upcoming projects also include 193,500 square feet of retail and some 200 hotel rooms.

Ironstate stuck to its core markets during the recession, completing the signature W Hoboken Hotel and the 93-unit Berkshire, in Hoboken, and large joint venture apartment projects like 225 Grand and 50 Columbus, in Jersey City. The firm also built and opened a luxury rental building in Harrison during the downturn, in what was the first phase of a redevelopment project with the Pegasus Group.

“On the rental side, the economics were still there,” Michael Barry said, noting that the apartment market is “somewhat countercyclical” to condominiums. “So even though the market had fallen apart across the board, there are still opportunities for good, well-placed development, particularly in the rental sector.”

But with space in those areas running low, Ironstate has looked toward new markets to extend its large-scale, transit-centric brand of development. In the past three years, the firm has stepped into the five boroughs of New York, where it now has seven properties or sites under development. That includes a $150 million redevelopment project on Staten Island, where plans call for transforming a former naval base into a waterfront village with 900 residential units and 30,000 square feet of retail.

The firm opened a Manhattan office in February, given that the city “fits that mold and (is) an area where we can leverage our expertise in a profitable fashion,” Michael Barry said.

Despite being third-generation developers, David and Michael Barry said the business was never meant to be a dynasty. The South Orange natives became active with what was Applied Development Co. in the early 1990s, with David joining after a stint as a practicing attorney and Michael after finishing graduate school.

They effectively took the reins and formed Ironstate in 2001 after their father, Joseph Barry, retired as head of the company. And while their work often overlaps, each brother as an owner has his own role: as president of Ironstate Development, David spearheads the firm’s pipeline, while Michael oversees construction and management of the firm’s portfolio as president of Ironstate Holdings LLC.

But together, the Barrys have built the firm’s reputation for creativity and a cutting-edge approach, industry colleagues say, and Ironstate has become a sought-after partner for other developers. For instance, by year’s end, Ironstate and Edison-based Mack-Cali Realty Corp. will break ground on a three-tower rental project of more than 2,000 units on the Jersey City waterfront.

Mack-Cali CEO Mitchell Hersh, whose firm primarily develops office buildings, said the Barrys “bring a great deal of local market knowledge and experience to the table,” plus the ability to put their own equity capital into the project.

Ironstate also is partnering with Kushner Real Estate Group, in Bridgewater, on three upcoming projects totaling 1,500 apartment units in Jersey City. Jonathan Kushner, the firm’s president, said the relationship goes back about seven years, fueled in part by the Barrys’ “forward-thinking” approach and pulse on the market.

“In terms of apartment design and layouts, unit sizes and curb appeal, amenity spaces, lobby designs — they’re always on top of it, and they’re always ahead of the market,” Kushner said.

The brothers also try to guide their residential projects using their hospitality experience, from revamping management systems to putting art in the lobbies.

They have had plenty of practice in recent years, they said: Aside from the W Hoboken, Ironstate in 2009 opened the Bungalow, a boutique hotel that’s part of the ongoing Pier Village development in Long Branch. The firm also recently acquired the former Cooper Square Hotel, in Manhattan, and is renovating it in partnership with hotelier Andre Balazs. Meanwhile, in Harrison, Ironstate is preparing to break ground on a new 136-room hotel, part of its venture with Pegasus.

The Barrys attribute their success in part to how they manage volume, through a close circle of about 10 key executives, and refusal to stray from their expertise in development. Instead, Ironstate brings in professionals in construction, architecture and marketing to cover those project phases.

Such was the case in the early 2000s, when Ironstate set out to build the W Hoboken, one of its first hotel projects. Robert Siegel, the architect, recalled that the brothers hired a prominent consultant for Starwood’s W brand to complement their own experience in the city. Ironstate also allowed his design firm — Gwathmey, Siegel, Kaufman & Associates — to take the creative lead in the 27-story tower.

That sort of collaboration helps lead to success, Siegel said.

“A lot of it has to do with being intelligent enough to find the good opportunities to pursue, and then having the confidence to work with people to make it happen,” he said. “They’re great at that.”

 


First Group of Harrison Station Rentals Are Fully Leased

Via GlobeSt.com/ANTOINETTE MARTIN

Harrison Station
is now 100% occupied.

HARRISON, NJ-All 275 units are now leased and occupied at the first Harrison Station complex, Greg Russo, a principal of Ironstate Development, tells GlobeSt.com. Debuting last September as the first rental project in a planned mixed-use community on 245 acres around a PATH Station, the building leased quickly from the start.

“We were able to stop offering concessions by March, and are now seeing some decent rent increases,” says Russo. Because the project was the first luxury rental building to go up in a raw post-industrial area where abandoned warehouse buildings still stand on surrounding streets, a month’s free rent was originally offered as enticement.

The development features an Olympic-size outdoor pool and deck, a fitness center, and other amenities. The exclusive marketing and leasing agent for the property was The Marketing Directors, which is based in New York and which has long been active selling and leasing apartments on New Jersey’s Gold Coast.

Ironstate, which has Pegasus Group as a partner in Harrison, is to begin work within a few months on a 136-room Element by Starwood hotel adjacent to the rental complex and PATH station. Also, by the end of the year, the companies will break ground on a second residential complex, Russo says.

The partners are only two of six development companies at work on projects under way at the massive redevelopment site. Russo Development, headed by Edward Russo – no relation to Greg – has begun construction of a 300-unit rental apartment building.

Heller Industrial has nearly completed demolition of buildings across Frank E. Rogers Boulevard from the PATH station, which is itself scheduled to be rebuilt starting next year. Heller expects to begin work on a mixed-use structure including 65 rentals by the end of the year.

The Ironstate/Pegasus building includes almost 13,000 square feet of street-level space, and Russo says this is also filling up. A Five Guys restaurant is now open at the site, and Russo reported recent lease-signings with a Pronto Gourmet market, Fakara restaurant and the hair salon Pro Cut.


HARRISON PREPARES FOR APARTMENT BOOM

via Liz Burlingame/ Northeast Real Estate Business

There was a time when Harrison in Hudson County, New Jersey, was dominated by views of aging warehouses and commuter parking lots. That landscape is changing, however. The former industrial center has become a hotbed of residential development, including a $750 million, mixed-use project known as Harrison Station.

The first completed building in the project opened last September and included 275 apartment units and 12,814 square feet of retail space. By April, the apartment units were fully leased, while Five Guys Burgers & Fries; Pronto Gourmet; Pro-Cuts; and Sakara, a Japanese restaurant, have each inked leases for retail space.

Ironstate Development Co. and the Pegasus Group are developing a $750 million mixed-use project in Hudson County, Now Jersey.

“The absorption has been very consistent, which is a sign that you haven’t tapped out that demand,” says Greg Russo, a senior vice president of Ironstate Development Co., one of the site’s developers.

Ironstate and its joint venture partner, the Pegasus Group, were initially attracted to the area’s transit access. The new building is just steps from the PATH station, with quick access to the New Jersey Turnpike.

The developers partnered in 2000, and after acquiring several parcels and completing environmental clean-up work on the site, they constructed a four-story parking deck before starting construction on apartments and retail space. This June, they will break ground on the project’s next phase, a 136-

room Element hotel, to be built around and atop the parking garage.

When completed, Harrison Station will ultimately include 2,600 residences and 80,000 square feet of retail.

The developers have noticed strong demand from those who work along the PATH line in Hoboken, Jersey City, or New York City

Young professional singles and couples, ages 20 to 39, are the target demographic for rentals, says Jacqueline Urgo, president of the Marketing Directors, the development’s exclusive leasing and marketing agent.

Urgo says many renters are attracted to living in luxury housing without the Hoboken price tags. “The well-designed homes, full suite of amenities, and supportive street-level retail complete the desirable urban lifestyle experience,” says Urgo. “It’s all at a price point that is extremely favorable when compared to areas like downtown Jersey City and Hoboken.”

Rents in the Harrison Station building average $1,450 for a studio, $1,675 for a one-bedroom unit and $2,150 for a two-bedroom unit. The development also includes a beach volleyball court and outdoor pool.

The project is also across the street from a 600-unit, mixed-use development by Heller Urban Renewal. Crews began demolition on the site last November.

The Heller development shares the same name, Harrison Station. Local developers reached an agreement to call the neighborhood Harrison Station to avoid name confusion. “Our project will be called Harrison Station 300 Somerset St.,” says Russo. “The neighborhood should have a name, and we’ll both build off that brand.”


Harrison Station To Get An ‘Eco-Wise’ Element Hotel By Starwood

 

 

 

By ANTOINETTE MARTIN

HARRISON, NJ-Starwood Hotels & Resorts Worldwide is to open a 138-unit hotel at Harrison Station in 2014 with its “eco-wise” Element brand, the Stamford, CT-based company announced today.

The hotel will be developed and owned by Ironstate Holdings, the Hoboken-based company which opened a 300-unit residential complex in the redevelopment area around the station last year.

The Element Harrison will be the brand’s second hotel in New Jersey, after the Element Ewing Princeton. The Element brand, launched in 2008, was the first major hotel brand to designate that all its buildings would be built “green,” meeting the US Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification standards.

“Element Harrison will provide a fresh, new update on lodging that will appeal to travelers to the bustling Newark metropolitan area,” said Brian McGuinness, a senior vice-president with Starwood. “The Element brand offers guests a bright, energizing environment that’s conducive to both work and play.” The hotel will be managed by Crescent Hotels & Resorts.

Element Harrison will have a 24-hour fitness center, indoor pool, and a 1,500-square-foot meeting space with state-of-the-art technology. Rooms designed to accommodate business travelers will have swiveling flat-screen televisions and large desks with open shelving, spa-inspired bathrooms, and fully equipped kitchens.

“We’re very excited to introduce Element to Harrison and expect the brand’s fusion of style, personal wellbeing and sustainability will resonate with guests,” says James Ronga, the vice-president of Ironstate Holdings. “Our location adjacent to the PATH Station and so close to Newark Liberty International Airport will also make Element Harrison a highly attractive choice for travelers on the go.”

The Harrison Station PATH station offers a direct connection to Newark Penn Station and the city’s business district, and also quick trips to Jersey City, and lower Manhattan. The hotel will be situated a short walk from the Red Bulls professional soccer team stadium in Harrison. The Prudential Center in Newark, which is home to the New Jersey Devils professional hockey team, college basketball, concerts, family shows and special events, is also nearby.


Starwood Hotels’ Eco-Wise Element Brand to Deliver Fresh, New Option in Greater Newark

Element Harrison is slated to open in Summer 2014, just minutes from Newark Liberty International Airport

STAMFORD, Conn., Apr 24, 2012(BUSINESS WIRE) — Starwood Hotels & Resorts Worldwide, Inc. today announced plans to open Element Harrison in Summer of 2014, just five miles from Newark Liberty International Airport. Owned and developed by Harrison Hotel 1, an entity of Ironstate Holdings, LLC, a Hoboken, NJ-based developer, and managed by Crescent Hotels & Resorts, Element Harrison will join Element Ewing Princeton as the brand’s second hotel in New Jersey. Starwood’s trailblazing eco-wise Element(R) brand delivers a smart new lodging option for travelers with 138 guest rooms and suites built green from the ground up.

Element Harrison will typify the “balance” that Starwood’s Element brand offers to business and leisure travelers. Just minutes from Newark, Jersey City and lower Manhattan, Element Harrison will be walking distance to a variety of shops and restaurants and within proximity to Newark’s business district. Less than 30 minutes from Manhattan’s financial district, the hotel is located right at the NJ PATH Harrison train station and close to the Newark Penn Station and the Gateway Center. The hotel will also be ideally situated in the heart of a growing sports and entertainment hub, including the newly-opened 25,000 seat soccer stadium for the NY Red Bulls professional soccer team in Harrison, and the Prudential Center in Newark, which is home to the New Jersey Devils professional hockey team, college basketball, concerts, family shows and special events throughout the year.

“Element Harrison will provide a fresh, new update on lodging that will appeal to travelers to the bustling Newark metropolitan area,” said Brian McGuinness, Senior Vice President of Specialty Select Brands for Starwood. “The Element brand offers guests a bright, energizing environment that’s conducive to both work and play.”

The Element brand made history with its 2008 launch. It is the first major hotel brand to mandate that all properties pursue the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification for high-performance buildings. More than just a “green” hotel brand, however, Element offers travelers a sophisticated setting with stylish rooms designed for comfort. Every signature detail aims to fuel a life in balance and on the move. Element Harrison will feature all the brand’s signatures, including:

– Rise, Element’s hearty and healthy complimentary breakfast

– Motion, a state-of-the-art, 24-hour fitness center

– Indoor Pool

– Relax, complimentary evening receptions

– Restore, a gourmet food pantry

– 1,500-square-feet of meeting space with modular furnishings, flexible layout and state-of-the-art technology that can be customized to meet and business or social needs

– Dynamic gathering spaces, from a lobby flooded with natural light to a multi-storied window wall and from an outdoor fire pit, to water features and a barbecue

– Light filled guest rooms with a fluid design of modular furniture, swiveling flat-screen televisions, large desks with open shelving, and custom-designed closets

– The signature Heavenly(R) Bed

– Spa-inspired bathrooms with an invigorating rain-shower and dual-flush toilet

– Fully equipped kitchens featuring filtered water, ENERGY STAR-rated appliances and utensils to prepare a gourmet meal

“We’re very excited to introduce Element to Harrison and expect the brand’s fusion of style, personal wellbeing and sustainability will resonate with guests,” said James Ronga, Vice President of Ironstate Holdings, LLC. “Our location adjacent to the PATH Station and so close to Newark Liberty International Airport will also make Element Harrison a highly attractive choice for travelers on the go.”

About Element Hotels

Accessible, affordable and active, Element Hotels is made to order for guests in the know and on the go. Its bright design defies convention, bathing guest rooms and public spaces in natural light. Stylish and sustainable throughout, Element offers comfort with a conscience and lots of signature amenities from its complimentary RISE healthy breakfast and RELAX evening reception to saline swimming pools, spacious fitness centers, bikes-to-borrow and electric vehicle charging stations.

Starwood’s latest brand innovation, Element made history in 2008 as the only major hotel brand to pursue LEED certification for high-performance buildings brand-wide. To date, there are Element hotels in 10 U.S. markets, with new domestic and international hotels in development. Visit http://www.ElementHotels.com or connect on Facebook and Twitter.

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1090 properties in 100 countries and territories with 154,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Meridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(R), and Element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visithttp://www.starwoodhotels.com .

About Ironstate Holdings, LLC

Ironstate Holdings, LLC (and 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 apartments and hotels valued at several billion dollars. The Company’s multi-family portfolio comprises an extensive range of apartments, condominiums and retail and recreational spaces in key urban centers near mass transportation hubs, while its hospitality holdings include the W Hoboken Hotel along the Hudson River waterfront facing Manhattan. Ironstate has approximately $1 billion in the development pipeline, including the redevelopment of the former U.S. Naval Base on the waterfront in Staten Island, NY.

Additional information on Ironstate Development Company is available on the Company’s website at http://www.ironstate.net .

About Crescent Hotels & Resorts

With corporate offices in Fairfax, Va., outside of Washington, D.C., and Toronto, Canada, Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is a North American recognized Top 10 independent, third-party operator of hotels and resorts. The company currently owns or operates 68 hotels and resorts aggregating more than 14,000 rooms in the United States, Canada and the Caribbean. The company’s portfolio encompasses properties in the resort, luxury, upper upscale, boutique, convention and premium select-service segments, as well as legendary independent hotels and resorts. Additional information about Crescent Hotel & Resorts may be found on the company’s Web site http://www.chrco.com .

(note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions)(note:we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement)(note:whether as a result of new information)(note:future events or otherwise.)

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.


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