Tag Archives: David Barry of Ironstate Development

The builders: The Barry brothers are changing skylines and perceptions


via Joshua Burd/NJ Biz

David and Michael Barry have been busy all over the state. - (PHOTO BY AARON HOUSTON)

David and Michael Barry have been busy all over the state. – (PHOTO BY AARON HOUSTON)

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.


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


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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.


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.

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.

Staten Island Homeport Site Made A Long Voyage Towards Redevelopment

By Amanda Farinacci/NY 1

NY1’s week-long coverage of major Staten Island stories in the last two decades continues with a look at the Staten Island Homeport, which has had its share of stops and starts over the years but now is finally moving ahead towards redevelopment. Borough reporter Amanda Farinacci filed the following report.

The buildings have been knocked down, and now the Staten Island Homeport looks like a shell of its former self. The site at Stapleton is finally being readied for a long-awaited redevelopment plan, to turn the sprawling 36-acre waterfront space into a housing and commercial community aimed at young professionals.

“Now is the time to start believing. There is a lot of momentum behind development in Staten Island, all over the island, but at Homeport we’re confident that this project is moving forward,” said Seth Pinsky of the Economic Development Corporation.

For two short years, the Staten Island Homeport was home to the United States Navy. That all ended in 1994, when the Navy set sail as part of a nationwide defense downsizing effort.

In the 18 years that have passed, the city flirted with a number of ideas for the site, including a motor racetrack and a port for gambling ships.

Arnie’s Bagelicious moved in in 1995 but closed three years later, when actor Danny Aiello suggested the site for a film and TV studio. That plan fell apart as well.

“I’m a little surprised that at this juncture when we’re moving at a pretty good clip why the brakes are being put on,” said then-Congressman Vito Fossella in 2002.

The brakes stayed on until 2009, when the city’s Economic Development Corporation announced a partnership with Ironstate Development to build 900 units of housing in phases, along with 35,000-square-feet of retail space ideally featuring mom-and-pop shops.

“We’re really pushing hard to get this thing done,” David Barry of Ironstate Development said in January.

In the next several months, the city will begin work on the portion of the site it has pledged to develop. There will be a groundbreaking on infrastructure improvements like roads and a waterfront esplanade:

“I said Staten Island will be measured by that important strip of land from Borough Hall to the [Verrazano-Narrows] Bridge. Facing that waterfront, that will define who we are and what we’re all about at some point in the future,” said former Staten Island Borough President Guy Molinari.

It looks like that future is almost here, as tenants could move in as soon as 2013. CLICK HERE FOR VIDEO >>>


via Brokers Weekly

Developer Charles Blaichman, who partnered with rapper Jay-Z on his torpedoed Chelsea hotel project, has announced plans for a new condo in the East Village.

Blaichman will partner with longtime associates Abe and Scott Shnay and Ironstate Development Company to build an 82-unit luxury condo at 211 East 13th Street between 2ndand 3rd Avenues, a site he bought from the Milstein family for $33 million last year, according to city records.

The eight-story building is being designed by Manhattan-based BKSK.

Architects and will feature a mix of studio, one-, two- and three-bedroom residences, as welt as 4,500 s/f of ground-floor retail space along East 14th Street. Amenities will include Fresh Direct storage, fitness center, lounge and a residents’ roof deck outfitted with an outdoor kitchen.

In addition, there will be private storage and roof terraces available for purchase, according to a statement issued by the partnership, which expects to break ground on the building in summer of 2012 and complete it in late-2013.

The Marketing Directors, Inc. has been retained as the exclusive sales and marketing firm.

Based in Hoboken, NJ, Ironstate Development is one of the largest privately held real estate development companies in the Northeast.

As well as apartments, its portfolio includes the W Hoboken Hotel and the Standard East Village bought in partnership with partner Andre Balazs. Ironstate is also redeveloping the former U.S. Naval Base on the waterfront in Staten Island, NY.

Long-time developer Abram Shnay — whose son Scott joined the family business in 2006 — owns around 1,800 apartments throughout the New York area. He is perhaps best know for developing The Urban Glass House in West Soho and The Dance Building in Chelsea.

Blaichman’s CB Developers has been developing, building and managing real estate for over 30 years. His noteworthy projects in Manhattan include 173/176 Perry Street (designed by Richard Meier); 29-35 Ninth Avenue (home to Soho House and Jean-George restaurant Spice Market), and the Theory Building at 40 Gansevoort Street.

Blaichman and Shnay partnered with Jay-Z on his doomed hotel project in Cheslea which ended up being handed back to the bank following a court settlement.


By JOSEPH DE AVILA/The Wall Street Journal

Rental apartment construction in New Jersey is poised for a resurgence in 2012 with more than 2,000 apartments expected to hit the market by the end of the year.

During the past decade, New Jersey’s coastline was transformed by a wave of high-rise condo development in areas like Jersey City and Hoboken. After the housing crash, builders put the brakes on adding new condos and single-family homes.

The market for new single-family homes continues to be weak, but the pace of luxury apartment construction is picking up as builders look to take advantage of low apartment vacancies, higher rents and an improving job market. And while lenders are still skittish about financing large condo projects, real-estate developers say the money is there for apartment buildings.

“Now we are near historical rent highs and vacancy lows—that usually means it’s time to build,” said Brian Whitmer of brokerage firm Cushman & Wakefield. “All the towns along the waterfront have construction going on.”

Fewer than 1,300 apartments were built in New Jersey in 2011, but that number is expected to more than double in 2012, according to real-estate services firm Marcus & Millichap. That would be the most since 2007 when more than 3,700 were built.

Most of those new apartments will be built in Northern New Jersey, but some 800 units will also be constructed in Central New Jersey, according to Marcus & Millichap. The median rent statewide is also expected to spike 4% this year, reaching $1,322 a month.

New Jersey’s job market showed improvement in 2011 as 39,400 new jobs were created, according to the New Jersey Labor Department. The unemployment rate dropped to 9% in December, its lowest level since May 2009, but remains high by historical standards.

“The economy is slowly healing. Nothing is on fire,” said Michael Barry of Ironstate Development, a major real-estate developer with about 5,500 apartments planned or under construction in the state. “In that environment, rental apartments do well.”

Tighter lending standards have made it more difficult for some people to buy apartments, pushing them into rental market, said Carl Goldberg, managing partner of Roseland Property, one of the state’s most active builders. That has coincided with a shift in attitudes toward home ownership for some young people, he added.

“The idea of living in an apartment community with amenities, not having the anxiety of the investment” of a home, Mr. Goldberg said. “It seems to be very appealing.”

One such renter is Alex Jung, 32 years old. With his brother, he pays $3,600 a month for a two-bedroom apartment in an amenity-rich, 500-unit building in Jersey City developed by Roseland Property.

“I need time to decide if I want to buy or not,” Mr. Jung said. So he opted to rent in a building that has a mix of young singles living with roommates, newlyweds and young families. Amenities there include a heated outdoor pool, a theater and 24-hour concierge service.

“This was close to the PATH, I can see nice views of Manhattan, it’s very close to Manhattan and I work in Fort Lee,” Mr. Jung said.

Roseland Property is betting that demand for rental apartments will continue as the economy continues on its slow recovery. The company is building a $120 million project in West New York that will have around 320 units and is expected to finish in 2013. Roseland also is starting a new project with Hartz Mountain Industries in Weehawken where they will build four midrise buildings with about 580 units.

The state’s Urban Transit Hub Tax Credit has been another catalyst for apartment construction, said Michael Fasano of Marcus & Millichap. “The development community has reacted strongly to it,” he said.

Under the program, the state has allocated $250 million in tax credits for residential development near transit stations. About $220 million has already been approval for residential projects, most of them rentals.

Ironstate Development, along with a team of investors, received a $28.3 million tax credit to build a 500-unit apartment development in Jersey City. The total cost of the project is estimated at $162.6 million.

The tax credit helps bridge the gap between the what lenders were willing finance before the housing crash and the reduced amounts banks are comfortable lending now, said Mr. Barry of Ironstate.

As more people opt to rent, that means some former condo projects are switching to rental. BNE Real Estate is constructing a 139-unit rental building in Jersey City and another with 194 units in Fort Lee. Both were intended to be condos before the market turned, said Jonathan Schwartz, vice president of BNE.

“The condo market is by no means where it should be or where it was once upon a time,” Mr. Schwartz said. “We are happy to get back to rentals.”

—Pervaiz Shallwani contributed to this article.


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