Tag Archives: Ironstate Holdings LLC

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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Livingetc: American Idol


For hotels that effortlessly team laid-back with luxe, head Stateside

words NEIL McLEENAN and ROZ ERSKINE

Summer holidays are all about getting your fill of wide, open spaces, big, blue skies and glamorous beach living. And nowhere in the world does that quite as well as the US of A. The weak pound may mean a shopping spree doesn’t offer the draw it once did, but a holiday across the pond still means you can look forward to copious quantities of good food, a familiar culture, quality accommodation and great
service (with a nothing-expected-in-return smile). For urban fun, an historic LA grande dame has recently been given a complete style overhaul, while in Miami, Soho House is putting on the glitz with a newly opened contemporary beach house. On the east coast,The Hamptons usually gets all the press, but we head south from New York to check out the only boutique hotel on the more approachable Jersey Shore. God bless America.

Sun-bleached white is teamed with hits of colour and original art.

BUNGALOW HOTEL
Long Branch, New Jersey

The Jersey Shore has long been popular with Manhattanites and ‘Noo Joisey” locals, who flock to the diverse beach towns in search of rest ‘n’ rec. The Bungalow Hotel, in smart Long Branch, is the area’s only true boutique hotel, offering an intimate, informal experience with interiors by Livingetc favourites Sixx Design (see April 2010). The sun-washed vacation vibe is expressed through extensive white surfaces relaxed with textured woods, and made modern with poppy contemporary art, surfboards and evocatively named suites. Chill at the local beach or head to Atlantic City to recreate your own 21st century Boardwalk Empire, Doubles from £173 (bungalowhotel. net).

All rooms are large, with kitchen facilities and comfy seating.


See the full clip: Livingetc – American Idols


Fireworks at Pier Village in Long Branch, NJ on July 4, 2011


Summer Travel: Pier Village


And at 8:35am, our look at vacations was just a drive away continues when Lisa Mateo checks out Pier Village in Long Branch, New Jersey. For more information, on Pier Village, visit http://www.piervillage.com.

Click here to see the full clip of Pier Village from Pix 11.


DC Magazine: Small Goes Big Time

Design stars Cortney and Robert Novogratz bring Long Branch N.J. its first boutique hotel.

Posh properties with an eye toward chic and unique amenities are popping up from Maine to Miami. Here, the inn crowd.

by Perri Haynes, Sarai Johnson, JC McCray and Lauren Pritchard
DC Magazine

New Jersey
Bungalow

The only situation this Jersey Shore hideaway presents is the question of which of the fabulous 24 oversized rooms, all designed by Bravolebrities Robert and Cortnev Novogratz, to choose. The husband and wife principles of Sixx Design, known for tongue-in-cheek chic, put the final touches on exclusive Long Branch’s only boutique hotel, just as their hit show 9 by Design hit the airwaves. The same mod-bohemian style seen on the series
pervades this beachfront outpost, which evokes St. Tropez
far better than anything GTL. Treating the hot spot as they would their homes, the couple picked up Technicolor dream finds from flea markets in Paris, Moss in Manhattan and midcentury Modern showrooms throughout the world. The famed Obama desk designer John Houshmand crafted the bar and lobby, while art from Slim Aarons’ photography to Brit wit Ann Carrington’s collages hang throughout the stunning expanse. The couple’s already working on the space’s nearby sister hotel, Cabana, set to open in 2012. $249-$979 nightly. bungalowhotel.net

See the full clip here: DC Magazine: Small Goes Big Time


Builders Association Announces New Affiliate to Lobby for Multifamily Development

Members of the Mixed-Use Developers Association announce the group's formation in a meeting with NJBIZ editors. Clockwise from top left, Carol Ann Short, chief operating officer of NJBA; Timothy Touhey, NJBA CEO and executive vice president; Steve Santola, executive vice president and general counsel of Woodmont Properties; Applied Cos. President Michael Barry; George Vallone, founder of the Hoboken Brownstone Co.; and Ronald Ladell, vice president of AvalonBay Communities. (Photo courtesy of Christina Mazza)

by Evelyn Lee
NJ Biz

The New Jersey Builders Association and a group of the state’s multifamily developers announced to NJBIZ this afternoon the formation of a new affiliate, the Mixed-Use Developers Association.

The association will initially consist of executives from nine New Jersey multifamily developers, including AvalonBay Communities Inc., Hoboken Brownstone Co., Ironstate Development Co., D.L. Paragano Homes, Roseland Property Co. and Woodmont Properties — many of which are also members of the NJBA.

Future members will come from the real estate industry, including other developers, attorneys and architects, the group said. Existing NJBA members will pay an additional fee to be part of the affiliate.

George Vallone, president of Hoboken Brownstone, will chair the association, while Timothy Touhey, CEO of the NJBA, also will serve as CEO of the group.

Most of the building permits issued in the state are for multifamily development, Vallone said: “There’s a need for our sector to be heard.”

The group, which will advocate for legislative and regulatory issues on behalf of multifamily developers, aims to promote the production of more rental units, particularly in New Jersey’s suburban areas.

The affiliate will focus on five priorities in the coming year: code issues, the need for another permit extension bill, water quality management issues, Council on Affordable Housing regulations and the state plan.

The Mixed-Use Developers Association officially will be announced at the groundbreaking of AvalonBay’s new Avalon North Bergen apartment community in the Hudson County township Wednesday morning.

Read more for more info and read the in-depth story appearing in the June 20 edition of NJBIZ.


NJ Biz: New Jersey’s Cities are on the Rebound

Manhattan’s proximity drives Hoboken, Jersey City, demand while some markets lag

By EVELYN LEE

The nascent housing rebound is playing out differently in New Jersey’s cities: While established urban residential real estate markets are seeing an uptick in occupancies and rental rates, more unproven markets will have a longer road to
recovery, experts said.

“New Jersey’s urban areas are very disparate areas,” said John McIlwain, senior fellow for housing at the Urban Land Institute, in Washington. While some cities are doing well, “there’s places like Trenton and Camden, which are challenged and have been for a long time.”

Among the strongest-performing urban housing markets are those located close to Manhattan. “We’re seeing a tremendous amount of resurgence in the urban housing markets along the Hudson River waterfront,” said Carl Goldberg, managing partner at Roseland Property Co., based in the Short Hills section of Millburn. Roseland recently opened the Monaco, a 524-unit residential tower in Jersey City, which rented more than 40 apartments in its first 15 days, and is now renting more than 20 apartments per week, Goldberg said. “That kind of absorption is almost unprecedented,” he said. Because residential construction dropped off sharply during the recession, demand now outweighs supply, he said.

“In general, the primary markets accelerate first, then they start pulling the properties a little bit further afield,” said David Barry, president of Ironstate Development Co., a Hoboken-based real estate developer.

“Certainly, in Hoboken, Jersey City, we’re already seeing strengthening,” Barry said. The rental recovery in those cities is already occurring, with occupancies in those cities running at 98 percent, compared to levels “in the low 90s” in 2009, he said. Concessions also have largely disappeared, he said.

The for-sale condominium market in those cities, however, will lag rentals, since greater job growth and rental rate appreciation will need to occur for condominium demand to increase, Barry said, predicting “a modest year, because there’s some inventory that needs to be absorbed.”

Urban housing demand is largely being driven by a younger demographic — people who are in their 20s and 30s and working in more entry-level jobs, Barry said. In many cases, they also grew up in a town in the general vicinity of that city, people who move to Hoboken or Jersey City, for example, often are from northern New Jersey. “People go to places they’re comfortable with,” he said.

Proximity to New York is a high driver of demand, but so is access to mass transit, Goldberg said- “If people move into urban communities, they want to greatly diminish the use of their car.”

While “places like Jersey City and Hoboken are coming back” because of their location advantage, a strong rebound in those areas isn’t likely until next year” McIlwain said. The housing market remains very weak nationally, though Manhattan is faring better than the rest of the country, he said.

“When prices start to rise again in Manhattan, that pushes people out,” he said. “People will be looking for more attractive and more affordable alternatives.”

As better-known residential markets like Hoboken and Jersey City begin to strengthen — and get more expensive — “people will start to look at less-established markets to get more space for less money,” Barry said.

According to Goldberg, secondary urban housing markets in New Jersey are priced at about 60 to 70 percent of what Hudson riverfront properties command.

One such market is Harrison, where Roseland and Millennium Homes built River Park at Harrison in 2008, and where Ironstate is currently constructing its first project in the town, the 280-apartment Harrison Station, with completion expected in September.

“Harrison is where Jersey City was 15 years ago,” said Barry, noting that in the mid-’90s, when Ironstate built its first project in the latter municipality— Portside at Paulus Hook — the new development was surrounded by industrial buildings. Today, Harrison Station is going up in the same predominantly industrial area as River Park, the only other major residential project to be built in the town in recent years, he said.

“I’m very confident Harrison has all the characteristics of an area that is going to be immensely successful,” he said. “It’s unbelievably connected to all these employment areas,” in Newark, Jersey City and Manhattan, that can be accessed in a 15-minute PATH ride. But if Ironstate’s project is considered a first step,
“Harrison needs to take six or eight or 10 more steps to get to where it needs to be,” he added. That’s “going to play out over the next 10 or 15 years.”

While Manhattan is seen as a strong driver of urban housing markets in northern New Jersey, it has less of an impact on New Jersey cities farther south. Long Branch, where Ironstate is building the master-planned community Pier Village, “is a slightly different equation, because there are subpockets of employment” in Middlesex and Monmouth counties, Barry said.

In New Brunswick, meanwhile, the residential market “has sustained itself over the last recession,” partly because of its more localized drivers of demand, said Christopher J. Paladino, president of New Brunswick Development Corp.

New Brunswick has “a bit of an artificial market” because of Rutgers University’s location in the city, he said. “The student housing market is not dramatically impacted by economic cycles.”

The city also didn’t see significant layoffs from the university and its other major employers. Johnson &Johnson and the Robert Wood Johnson University and St. Peter’s University hospitals- Still, the local housing market did weaken somewhat in the downturn: although occupancy rates have largely held steady, for-sale condominiums are now priced at about $150,000 below their peak, and rental rates also have declined, he said.

Devco is constructing 200 rental and for-sale units at its Gateway project, adjacent to the New Brunswick train station. “We’re looking to try to facilitate a longer-term living commitment to the city than your average renter,” Paladino said. The strategy is to price condos at levels that are attractive to a younger couple, where “she may be a young physician at the hospital, and he
may be an administrator at the university,” he said.

While cities like Newark may have a geographic advantage over New Brunswick in being closer to Manhattan, “we’ve had a 10-year headstart” on non-Gold Coast cities, building more than 1,000 new rental and for-sale units in the past eight years, Paladino said.

In does such as Newark, Elizabeth, Rahway, Trenton and Camden, “residential development is still in the pioneering stages.”

In Newark, “it’s going to take some years and hard work” for a recovery to take hold, McIlwain said. There’s a lot of issues it’s still working through.” And Camden as a whole “is still financially struggling and has a long way to go.”

Overall, growth in New Jersey’s urban areas has been occurring at a slower rate than it did in the 1990s, he said. “The future of urban areas in New Jersey is mixed,” McIlwain said. “There will continue to be empty nesters and young professionals moving into urban areas,” he said. “There will also continue to be families with kids moving out to the suburbs.” That will likely create a net loss in the state’s urban populations, since the new households living in the cities will be much smaller, and some urban housing markets could have more units built than people moving in, he said: “That will be a trend that will continue.”

See the full clip here: NJ Biz – New Jersey’s Cities are on the Rebound


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