Tag Archives: nyc real estate

The NY Daily News: Staten Island wants to be the new Brooklyn

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Katherine Clarke at the NY Daily News reports on Staten Island development and  Ironstate Development Company.

An island that boomed with exiles who followed the Dodgers out of the borough is now poised for a new renaissance as investors and developers pour $1 billion into the North Shore in hopes of striking Brooklyn-style gold.

Sure, it’s long been considered the city’s least hip enclave, but these boosters believe it can finally be transformed into the borough’s answer to booming Long Island City or even Jersey City, with glassy high-rises geared toward young professionals.

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Developers are already building with an eye toward the hipster set that jump-started the gentrification of Williamsburg and Bushwick — neighborhoods that, in some ways, are more far flung for some than the island at the other end of the ferry.

Ironstate Development, the real estate giant behind a string of high-rises on the New Jersey waterfront, is set to launch 571 new luxe apartments in the Stapleton area this fall, with studios, one-bedroom and two-bedroom homes starting at $1,600 a month.

The launch is just the first phase of a project, dubbed URL Staten Island, short for “Urban Ready Life,” which is ultimately slated to include 900 apartments with top-of-the-line amenities and a string of cute, boutique retail spots geared at twentysomethings.

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“Kids will no longer have to feel like they’re settling if they want to stay on Staten Island,” said David Barry of Ironstate. “They can stay where they are and still get what they want.”

It’s about time.

READ THE FULL ARTICLE HERE.


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


Jefferson Condos in the East Village sell out

via Julie Strickland/The Real Deal

From left: Jackie Urgo and 211 East 13th Street

From left: Jackie Urgo and 211 East 13th Street

The East Village’s Jefferson condominiums are 100 percent in contract.

The final deal at the 82-unit property at 211 East 13th Street, developed by a partnership of SK Development, Ironstate Development Company and Charles Blaichman, was signed last week.

Asking prices ranged from $795,000 for a 536-square-foot studio to more than $3.5 million for a 1,233-square-foot, two-bedroom penthouse. Sale prices averaged at $1,670 per square foot.

A team from the Marketing Directors led by Jacqueline Urgo and Martin Brady handled sales at the development, and closings are slated to start in April 2014.

“The product was planned perfectly for the marketplace, including an exterior that fit in contextually with the neighborhood,” Urgo said via email. “While other developers were building family-sized residences, we planned smaller homes for this marketplace, a decision that was validated by the strong velocity of sales.  Our buyers were predominately primary residents, many of whom were already committed to the East Village neighborhood and wanted to move up to this level of luxury and lifestyle.”

The unit mix, price points and relative lack of new development in the East Village also helped drive the sales, which started this past April, SK’s Scott Shnay told The Real Deal.

And while additional condo projects are a possibility for the area, “I don’t know if there are a ton of potential sites,” he said. “There are some projects planned that are rentals. But [our success] shows there’s definitely demand for higher end condo projects.”

While Downtown development is familiar territory for SK and Blaichman, it marked the first such project for New Jersey-based Ironstate. The firm is one of the Garden State’s largest, and has also partnered with Andre Balazs on the Standard East Village.

SK is also busy with the Reade Chambers, a six-story condo building at 87 Chambers Street in Tribeca, slated to launch sales in the first quarter of 2014. Bruce Ehrmann and Andrew Anderson of Douglas Elliman Development Marketing are the exclusive sales agents for the building.

Reade Chambers, located at 71 Reade Street and which has an alternate address at 87 Chambers Street, will launch sales at the start of the New Year, Shnay said. The 17-unit property has a mix of one- to four-bedroom apartments, with prices ranging from $1.4 million to over $7 million.

Soon after, sales will kick off at 10 Bond Street, which SK is developing with Ironstate and the Chetrit Group. The Noho property will have 11 residences up for grabs, including two- and three-bedroom units, plus one townhouse and one penthouse in the mix. Prices will start at around $4 million and going up to over $12 million, Shnay said.

 


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