Category Archives: David & Michael Barry

Ironstate Development Named Top NJ Developer

Ironstate Development Company tops The Real Deal’s list of top New Jersey developers.

BY C. J. Hughes

Hudson County, which includes urban areas like Jersey City, Hoboken and Weehawken, is radiating cool these days, with its hip restaurants, arts scene and proximity to New York City. That vibe, along with rents often around 50 percent of Manhattan’s and 20 percent cheaper than those in Brooklyn, is making it one of the hottest residential destinations in the tri-state area, its supporters say.

“It’s a terrific location for somebody who wants affordability,” said Jeffrey Kanne, the chief executive of National Real Estate Advisors, which has teamed with Kushner Real Estate Group to build Journal Squared,
a three-phase, 1,800-unit colossus in
Jersey City.

Using our own research and data from CoStar Group and BuzzBuzzHome,

The Real Deal ranked the top developers by number of units that hit the market in 2014 and 2015, as well as those that will come online by the end of 2017. When firms partnered on projects, TRD allocated the full number of units to each of them.

1. Ironstate Development Company

Claiming the top spot is a Hoboken-based firm with deep roots in the area, Ironstate Development Company, with 3,354 units. A huge chunk of that total is made up by URL (Urban Ready Living) Harborside, an amenity-laden rental complex in Jersey City with a total of about 2,300 units. Its first phase, which will open in mid-2016, will consist of 763 apartments in a massive 69-story tower.

Harborside, which is being developed in partnership with Mack-Cali Realty Corporation, will feature a gym and even an urban farm with beehives. Its lobby cafe, which is expected to be operated by New York chain Coffeed, will be open to the public and “become a social hub for the neighborhood,” said Michael Barry, an Ironstate executive.

The company is also the developer — with Panepinto Properties (see #10) — behind the luxury residences 50, 70 and 90 Columbus in Jersey City.


Staten Island’s Turning Point?

A view of URL Staten Island, a new residential and retail complex rising in the Stapleton neighborhood, from the Stapleton platform of the Staten Island Railway. URL overlooks Upper New York Bay. Credit Edwin J. Torres for The New York Times

A view of URL Staten Island, a new residential and retail complex rising in the Stapleton neighborhood, from the Stapleton platform of the Staten Island Railway. URL overlooks Upper New York Bay. Credit Edwin J. Torres for The New York Times

C.J. Hughes at The New York Times features Ironstate Development in a report about the revitalization of Staten Island. 

A wide bay may separate Staten Island from the rest of the city. But in terms of real estate, differences between the borough and other enclaves seem to be lifting like a morning fog.

New rentals and condominiums, some with perks like a pet spa or rooftop beehives, are rewriting the island’s skyline. Big-city cool is popping up in a place not always noted for it: Small-batch espresso will soon flow at a coffee shop; a jug band played kazoos at a recently opened brewery; and stores selling brand-name skinny-leg pants are on their way. And a fresh crop of renters and buyers, unable to afford pricier precincts and unfazed by stereotypes about how the place can seem insular, bland or run-down, are setting sail for the island.

 Rising on a desolate stretch of waterfront is URL Staten Island, short for “Urban Ready Life,” a $250 million mixed-use project with about 900 rental apartments in a series of buildings resembling factories, with bands of windows and flat roofs, the better to house bee hives.

The first phase, with 571 studios, one-bedrooms and two-bedrooms, will open this fall. Interiors will feature stone counters and bamboo floors, plus stacked washers and dryers. Studios will likely start around $1,600 a month, and two-bedrooms at $2,800, said David Barry, the president of Ironstate Development, the developer.

The site will contain 35,000 square feet of retail space, more than half of which is now leased. Among the future tenants are a pizzeria, a store dedicated to specialty olive oils and Lola Star, a Coney Island clothing shop that is soon to open a branch in that other rising outpost, the Rockaways. Coffeed, a chain that brewed its first cup in Long Island City, Queens, will also be there.

National chain stores, such as those that dot Staten Island’s strip malls, are not welcome at URL. “This place has its own special character,” Mr. Barry said. “The stores should reflect that.”

URL will also have a 5,000-square-foot plot planted with vegetables that can be purchased from an on-site farm stand. Or, for a fee, residents will be able to request that its kale, spinach, rainbow chard and mizuna be prepared by a chef who will do double duty as the head farmer, said Mr. Barry, who was sifting through résumés for the post as he spoke.

READ FULL ARTICLE AT THE NEW YORK TIMES


Ironstate expanding its development focus to Connecticut, Staten Island

2015-03-09_11-30-35Joshua Burd at NJ BIZ reports on the expansion of Ironstate Developmentinto Staten Island and Connecticut.

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.

FULL ARTICLE


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

 

fast company logo

 

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


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.


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


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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