Tag Archives: Michael Barry

Ironstate Development And Mack-Cali’s Harborside Development Receives $33 Million Tax Credit From The NJEDA

URL Harborside$291 Million Mixed-Use Project to Rise Along Jersey City Waterfront 

Hoboken, New Jersey, October 24, 2013— Ironstate Development Company and Mack-Cali Realty Corporation (NYSE: CLI) announced today that their URL™ Harborside mixed-use development in Jersey City has been awarded $33 million in tax credits from the New Jersey Economic Development Authority (NJEDA).

The $291 million development, the first phase of a project that will feature three residential towers along the Jersey City waterfront, was chosen under a competitive solicitation by the NJEDA as part of its efforts to encourage significant redevelopment in urban centers and to support diverse business expansion and retention in the garden state.  The award is consistent with the recently signed New Jersey Economic Opportunity Act of 2013. The project is expected to create approximately 700 construction jobs.

“A development of this magnitude will increase the level of economic activity in one of New Jersey’s key urban centers,” said David Barry, President of Ironstate Development Company.  “This will be a transformative project that will introduce an innovative new lifestyle alternative to the marketplace and help encourage additional investment in the City.”

The joint-venture partners will break ground later this year on URL™ Harborside (Urban Ready Living™), a multi-phase development that will ultimately include three residential rental towers, ancillary retail space, and parking. It will add a vibrant housing component to Jersey City’s Harborside, Mack-Cali’s waterfront “city within a city” office complex. The first phase of the project will consist of a 69-story tower with 763 apartment units built on a parking pedestal.

The innovative design of URL™ Harborside allows for tremendous living density in a small footprint. Residents will enjoy contemporary living spaces, on-site amenities, breathtaking Manhattan skyline views and convenient access to adjacent mass-transit options.

“Being awarded the NJEDA tax credit is an important step toward developing Harborside to its full potential,” said Mitchell E. Hersh, President and Chief Executive Officer of Mack-Cali. “The URL™ Harborside project is consistent with our growth strategy of pursuing multi-family residential development opportunities in supply constrained markets.  This furthers our creation of a true Work-Live-Play environment at Harborside.”

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 http://www.ironstate.net.

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 275 properties consisting of 266 office and office/flex properties totaling approximately 30.7 million square feet and nine multi-family rental properties containing over 3,300 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 is available on the Company’s website at http://www.mackcali.com.

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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A Borough Seeks the Spotlight

NY TIMESThe New York Times features Ironstate Development in a story on the significant redevelopment efforts underway along Staten Island’s north shore waterfront. Read it HERE! 


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!


Just Outside the City, and Building Bedrooms

 

 

via RONDA KAYSEN/ The New York Times

HARRISON, N.J. — Sitting in his office, surrounded by Halloween kitsch and posters of building designs, the mayor of Harrison talks like a man who has been selling an idea for a long time. After 15 years, his vision to transform this long-forsaken industrial town into a bedroom community for single, young professionals is finally taking shape.

A flurry of development is under way in this 1.2-mile-long town along the Passaic River, across from Newark. A 275-unit upscale apartment building was fully leased within seven months of its 2011 opening. On the heels of that success, other developers have broken ground on residential, retail and commercial projects in a redevelopment zone that circles the town’s New Jersey PATH station.

{SNIP}

“Harrison is really like new build,” said David Barry, president of Ironstate Development Company, which built 300 Somerset Street with thePegasus Group. “We’re creating a neighborhood from whole cloth and trying to give it a sense of place.”

By the end of the year, the team will break ground on the Element hotel, an extended-stay hotel that will charge visitors about $150 a night. The seven-story hotel will sit across the street from 300 Somerset, wrapping around a 1,440-car garage the team built in 2010. The Hudson County Improvement Authority operates the garage and Harrison receives the revenue from it. Eventually, Ironstate and Pegasus plan to build five more apartment buildings with about 2,000 units and 67,000 square feet of retail.

READ FULL ARTICLE HERE


GSKA revises Costas Kondylis design for two-tower Jersey City development

By Adam Fusfeld

Gwathmey Siegel Kaufman & Associates has unveiled a new design for a planned 1.2 million-square-foot development project in downtown Jersey City (see rendering to the right). The firm was recently selected by Ironstate Development and partner Panepinto Properties to replace Costas Kondylis as the architect of two 50-story residential and hotel towers planned for 70 and 90 Columbus Street in Jersey City.

Gene Kaufman and 70-90 Columbus Streets

Ironstate chose GSKA after it successfully designed the firm’s development of a W hotel in Hoboken, according to James Ronga, vice president of development for Ironstate. Gene Kaufman, a principal at GSKA, told The Real Deal in a statement that his firm is working with the same footprint and square footage, but will make “qualitative modifications that result in a project with a distinct geometry and a plan that better integrates the site into the Jersey City community.”

Kondylis did not respond to requests for comment.

The project was first proposed in 2007, but a combination of issues delayed the start of construction, according to Ronga. Now, the first tower of the $350 million project is expected to break ground in the first quarter of 2013 and is slated for completion two years later. At that point, construction would begin on the second tower.

“We wanted to get a premier architect on board to sort of make a statement,” said James Ronga, vice president of development for Ironstate. “The change was more about aesthetics, making it more efficient, and making sure [the development] was impressive. We wanted an architectural statement.”

The first tower, 70 Columbus Street, will have a 20,000-square-foot retail space, below about 150 hotel rooms and 550 rental apartments. Ronga said Ironstate and Panepinto are hoping to land a high-end grocer for the retail space and are in talks with extended stay hotel brands to operate the 100,000 square feet dedicated for the rooms. They’re interested in the extended stay sector because they believe it is an underserved sector both nationally and in Jersey City.

Once construction finishes at 70, the fully residential 90 Columbus Street will begin to rise. Ironstate and Panepinto also plan to develop a public plaza around the nearby PATH station to serve commuters, hotel guests and tenants.


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.


Harrison Station Developers Band Together As Port Authority Fund Platform Rehab

By ANTOINETTE MARTIN/GlobeSt

 

The area around the Harrison PATH
station is being transformed into a
24/7 mixed-use community.

HARRISON, NJ-When the Port Authority of New York and New Jersey announced this week it would move ahead with replacing the antiquated platform at the Harrison train station, six major developers at work in the surrounding community cheered with coordinated gusto.

Very coordinated. Possessing all the polished synchronicity of a champion cheerleading squad, in fact –a rare mode for competitive developers at any time, but perhaps most unusual in the midst of economic crunch times. “It is highly unique, I think,”Peter J. Cocoziello, president and CEO of Advanced Realty, tells GlobeSt.com.

“We have formed our own association to collectively cheer everyone on in getting the master plan underway for Harrison to become a true 24-hour, live-work-play community.” Advance is the so-called master developer for the 245-acre project begun 10 years ago. The massive retooling of a deteriorated site dating to the Industrial Revolution took longer than originally expected. The Red Bulls soccer arena and several condominiums besides the Passaic River were completed in the past few years.

Then, last summer, the 275-unit Harrison Station rental apartments opened and leased up with surprising speed. This spring and summer construction is about to “go vertical” on a second rental building and a hotel; meanwhile, demolition work is underway so work can begin early next year on a retail center with housing above it.

Now, with the train station funding, executives from six companies that are part of the newHarrison Redevelopment Association and spoke to GlobeSt.Com say the overall project is back on track. One of Advance’s fellow developers in Harrison, Carl J. Goldberg, the principal of Roseland Property Co., says, “The project was bogged down for many years while remediation work was done and infrastructure was installed, which gave it an unfortunate reputation for a while.”

Recently, says Goldberg, Harrison’s longtime mayor Raymond McDonough appealed to the developers, asking them to help jumpstart the overall development again. All responded enthusiastically, and said they have found it surprisingly exhilarating to work in concert. “The new train station is going to be a game-changer,” says Cocoziello after the Port Authority formally voted Monday to authorize the $250 million replacement of the 76-year-old existing station, starting work next year.

“It will create Harrison as a true destination, with a gorgeous new glass-and–steel station facility providing an incredibly quick commute to New York via the PATH. Harrison is actually closer to New York than Midtown is to downtown.” “We are all thrilled, as a group and as individual companies,” adds Goldberg, who said the developers’ group met with New Jersey officials several months ago to advocate for expediting the Port Authority funding.

“Our feeling at this point is really the more developers in the project, the better,” says Edward Russo, president of Russo Development, whose company purchased a piece of property from Roseland 18 months ago. “Even though, to some extent, we compete with one another, we are all looking to create a community.”

Executives from the various development companies, including Ironstate Development, Pegasus Group, and Heller Industrial Parks detailed these current projects:

• Russo will begin vertical construction of a 300-unit rental apartment building in May or June.

Ironstate, which opened the first apartments adjacent to the train station last July, will start work this summer on a 138-unit Element by Starwood hotel.

• Roseland plans a late-summer start on a 141-unit rental building beside its condominium development.

Heller expects to begin work on a building with ground-floor retail and 65 rental units above, as soon as demolition of a building across Frank E. Rogers Boulevard from the Harrison Station apartments is complete.

Work on the train station is expected to take roughly three years. The existing station, built in 1936, will be replaced with a modern glass-walled structure and the platform expanded to accommodate longer trains at a stop that already handles an average 7,000 commuters per day.


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