Category Archives: Long Branch

55 MELROSE OFFERS FIRST OWNERSHIP OPPORTUNITIES AT PIER VILLAGE OCEANFRONT COMMUNITY IN LONG BRANCH

55 Melrose ExteriorNew Condominiums offer Luxury, Lifestyle and Value

LONG BRANCH, NJ – Sales have launched for the first luxury condominium building at Pier Village, the premier Jersey Shore lifestyle destination located along the oceanfront in Long Branch, NJ.

Representing the first ownership opportunity at the award-winning, mixed-use community comprised of residences, retail and restaurants, 55 Melrose features 44 modern condominium homes located in a contemporary four-story building.

“Pier Village has grown into an iconic, Jersey Shore destination that appeals to families and people of all ages who appreciate its oceanfront setting, mix of casual and elegant restaurants, numerous boutique shops, nighttime venues and endless outdoor events and activities,” notes Greg Russo, a principal of Ironstate Development, which developed the $400 million community that also offers the celebrated Bungalow Hotel and Le Club beach club.

“While the community’s rental residences have consistently been well-received by the public, we’ve always been aware of the demand from buyers for ownership opportunities at Pier Village.  We’re delighted to now answer that demand with 55 Melrose.”

55 Melrose Livingroom_b_11255 Melrose features a limited collection of one-, two- and three-bedroom condominium homes ranging from 766 to 1,648 square feet of living space, with immediate occupancy available.  Priced from $310,000, the residences include such designer features and appointments as oak hardwood flooring in the living areas, plush Berber carpeting in the bedrooms, and gourmet kitchens with custom wood white shaker cabinets, Caesarstone countertops, modern stain glass backsplashes and state-of-the-art stainless steel Frigidaire Gallery appliances.  Spa-like baths are adorned with Silestone countertops, custom wood white shaker cabinets and wood framed mirrors, ceramic tile floors and contemporary Kohler undermounted sinks and faucets.

All residences also include desirable outdoor living space.

“55 Melrose represents a unique offering as Pier Village is already an established year-round residential and lifestyle destination, but until now, there were no ownership opportunities available,” notes Jacqueline Urgo, President of The Marketing Directors, the community’s exclusive marketing and sales agent.  “The new residences feature upscale living spaces with finishes and appointments that not only reflect a level one would expect in a luxury condominium property, but also complement Pier Village’s spectacular oceanfront setting.”

Lifestyle is a big part of the appeal of living at Pier Village, and Ironstate Development is making sure that 55 Melrose buyers are able to enjoy everything the community offers. In addition to on-site parking and access to the Pier Village outdoor pool and resident’s lounge with billiards, buyers at 55 Melrose will receive a complimentary two-year gym membership to the Pier Village Gold’s Gym, and a complimentary two-year membership to Le Club, Pier Village’s members-only, European-inspired beach club. Le Club features a full-service beach experience including a private beach area adorned with Palm trees and lined with spacious cabanas, provision of lounge chairs, day beds and plush towels; food and beverage service on the beach provided by gourmet braserie, Avenue; and a rooftop pool and sun deck boasting panoramic vistas of the ocean.

Pier Village also offers more than 100,000 square feet of boutique shops and restaurants, a boardwalk and expansive beach, oceanfront dining and an outdoor festival plaza that hosts year-round events. Travel & Leisure Magazine named it one of the “20 Greatest American Beaches” in 2007 and the community was again honored in 2009 with the New Jersey Governor’s Tourism Award.

For more information on 55 Melrose, visit www.ownpiervillage.com, or call 732-222-2155. The Sales Office, located at 55 Melrose Terrace, is open Monday – Friday from 10am – 6pm, and Saturday – Sunday from 11am – 5pm.

For more information on Pier Village, visit www.piervillage.com.

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About Ironstate Development Company

Ironstate Development 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 and the Standard East Village in Manhattan with partner Andre Balazs. 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 www.ironstate.net

About The Marketing Directors

The Marketing Directors is a development advisory and master property marketing and sales force that works exclusively on behalf of owners and builders of new homes. Headquartered in New York, with offices and sales teams active around North America, The Marketing Directors is known for its success in selling and leasing homes at prices that help its clients achieve their goals for each development. In its 30+ year history, The Marketing Directors has helped its clients successfully sell-out more than 1,000 new developments across the country – more than any other marketing firm. It is headed by founder Adrienne Albert and Jacqueline Urgo. www.themarketingdirectorsinc.com


New Jersey Condo Market Heats Up as Demand Surges

NY TIMES

 

 

The New York Times “Square Feet” features Ironstate Development’s Pier Village and 55 Melrose in Long Branch! Read it HERE!


20th Annual Polar Bear Plunge in Long Branch raises funds for Special Olympics

APP Polar

Photo from APP.COM

Check out this news segment from PIX11 about the 20th Annual Polar Bear Plunge held at Pier Village in Long Branch this past weekend!

Click HERE to watch!


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.”

 


Developers Unveil Third Phase of Pier Village to Public

Developer says project could begin in January, 2013

By Christopher Sheldon/Long Branch PATCH

PIER VILLAGE (Photo: Shannon Booth)

After years of talks between the developer and the city, the third phase of Pier Village is on the verge of becoming a reality.

Applied Development, the developer of Pier Village, presented the revamped project to the Long Branch Council on Tuesday night, including pictures and details of the final phase of the oceanfront residential and retail property.

Applied Development originally showed the plans to the council in 2010, but after recommendations from the city, the group altered the design. The Long Branch Planning Board approved it the same year, but will need to approve the revised plan for the project to move forward.

Applied Development architect Tom Bauer said the third phase of Pier Village will be located south of the existing area.

That space, which is bordered by Melrose Terrace and Morris Avenue, is currently a partially-paved parking area that is used primarily in the summer for overflow parking from Pier Village.

The third phase of Pier Village, if approved, would include an expanded boardwalk, a new hotel, parking, an acre of public space, and retail and residential space.

The public space would include a small stage, a small play area for children, canopy-style umbrellas and a carousel.

Bauer said the existing bathhouse at the end of Morris Avenue would be demolished and be replaced by two structures that would house restrooms and concessions and another where beach badges will be sold.

The project will be broken into two phases, Bauer explained.

He said the first phase will include the expansion of the boardwalk, and construction of the hotel, along with most of the residential and retail space. It will also include reconfiguring Ocean Avenue so that it will have one northbound lane and one southbound lane that will wrap around the public space. Morris Avenue would also see some changes, including a circle that would help ease traffic onto the street from Ocean Avenue.

The second phase will include the remainder of the residential and retail space along with the construction of a large, underground parking garage that will be accessible from Morris Avenue.

Bauer said the new structures will look similar to those used in the first and second phases of Pier Village, and will contain boardwalk areas throughout the space. He said every housing unit will have some type of outdoor space as well.

He said he believes the project will be a “tremendous draw” for the area.

Councilman John Pallone asked about the timing of the project.

Bauer said if the council and planning board gives Applied Development the OK to move forward with the project, that construction of the first phase could begin in January, 2013. The second phase of the project would begin 15-18 months later, around Labor Day in 2014.

The planning board is expected to review the site plan next month and the council will review the plans in more detail and hold a public presentation at the May 8 council meeting.

Check back later today to see plans of the third phase of Pier Village.


New Jersey’s Real Estate ICONS

The Garden States commercial real estate business has a long and vast history and an even brighter future.

Neither, however, would be possible without the efforts of individuals who helped shape—and continue to influence—the market. Here’s a look at some of the people who have become regional household names in the industry.

By Sarah Wolfe/ Real Estate FORUM

DAVID BARRY

It’s said there wouldn’t be a Hoboken without the Barry family. After all, that’s where, in 1970, brothers Joseph and Walter Barry founded Applied Housing Co. and embarked on revitalization projects that cemented the firm’s reputation as an innovative large-scale urban developer.

Some 30 years after Applied’s founding, brothers David and Michael Barry continued that legacy, forming Ironstate Development, which owns and manages more that 6,000 residential units with $1 billion in projects in the pipeline. As co-president (with Michael) of both Applied and Ironstate, its development arm, Barry has spearheaded some of the state’s largest revitalization projects, including the Shipyard and W Hoboken Hotel & Residences in Hoboken; Port Liberte in Jersey City; and Pier Village in Long Branch, now in its third phase. Barry is also a member fo the boards of the New Jersey Apartment Association and Fortress Investment Group LLC, a global investment manager with an estimated $40 billion in assets as of 2010.


Jersey Shore Facelift

via gb&d/Interview by Suchi Rudra

Pier Village and the Bungalow Hotel, Ironstate Development’s latest high-end revitalization project, tempts travelers and residents with a boutique hotel and more than 500 luxury rentals

Beneath the luxurious design and natural materials of the Bungalow Hotel, developed by Ironstate Development and designed by Sixx Design, are numerous sustainable elements, including a high-efficiency, ductless heating-and-cooling system. Photo: Matthew Williams.

Stretching along the oceanfront in Long Branch, New Jersey, is a new luxury playground for locals and celebrities alike. Pier Village, a $400 million mixed-use community by Ironstate Development, is a massive reclamation project for the real-estate-development firm, and it features 536 luxury rental residences plus a boutique hotel, the Bungalow Hotel, which has a playful beach-chic interior and 24 guest rooms. Ironstate principal Michael Barry shared with gb&d his thoughts on the significance and the challenges of going green in the hospitality market.

 gb&d: Can you explain how Pier Village works as a massive reclamation project and as part of an urban-revitalization project?

 Michael Barry: The single most important feature in a sustainable project is site selection. This project has many of the desirable features, which include location within a half mile of rail transportation, access to bus routes and public transportation, walkable streets, amenities, existing infrastructure, an existing urban setting, and a need for revitalization.

 gb&d: How does this development combat unnecessary sprawl?

 MB: Density and location. This project takes advantage of an existing developed piece of property with low-density housing and introduces vertical construction in an established neighborhood.

 gb&d: Talk about the difficulties of obtaining LEED certification for hospitality design. Why does LEED not always come into play with these types of projects?

 MB: Building LEED sometimes means you need to make changes from the norm. Getting guests comfortable with some of the operational aspects of LEED can be challenging. Asking guests to change their habits can sometimes be daunting. But we feel that the general sentiment, as in our residential product, is that green is beneficial and the way of the future.

 gb&d: Can you talk about the sustainability goals behind the Pier Village development?

 MB: As an owner and operator of apartments, not only in Long Branch but across the state of New Jersey, we recognize the need and value of creating sustainable buildings and projects. Our clientele is very sophisticated and values the benefits of living in green environments. So for us it’s very important to address these concerns to be competitive in the marketplace.

At the Bungalow Hotel in Pier Village, one of the most important strategies was energy efficiency. A number of measures were implemented for the Bungalow, which started with the HVAC system, which utilizes a ductless split system with incredibly high efficiency ratings, environmentally neutral refrigerants, high operator control, and seamless integration with the design. The hotel units also incorporate large areas of glass for daylighting, virtually eliminating the need for artificial lights during the daytime. In the Pier Village residential buildings, we are examining modifying the light fixtures in the garage and common areas and exploring the use of LED lighting and motion sensors. We are also working on a company-wide plan to reduce water-bottle usage by providing tenants with in-faucet water filtration.

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