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
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.
Via Virginia N. Sherry/SI LIVE
Demolition is underway at the Home Port site on Stapleton's waterfront. Ironstate Development Company expects it to be completed by mid-February.
STATEN ISLAND — STAPLETON — The long-awaited transformation of the Stapleton waterfront is under way at the 35-acre Home Port, the decommissioned U.S. Naval base.
Ironstate Development Company, the Hoboken-based private developer, is taking the lead with a $150 million project on seven acres of the site. The first phase will see the construction of about 450 rental apartments and 25,000 square feet of street-level retail space.
Ironstate expects demolition to be completed, and the site cleared, by mid-February. Construction is planned to start in late summer, and the first housing units ready for leasing and occupancy in Fall 2013.
The second phase of the project calls for another 450 apartments and an additional 5,000 square feet of retail space.
The city will spend $33 million for major road reconstruction and improvements, and the creation of a waterfront esplanade. The open space will include walking paths, lawns and landscaped areas, and a new public launch site for non-motorized boats, plus docking for historic vessels, according to the city’s Economic Development Corporation.
Ironstate Development Company specializes in the development of residential and commercial real estate, and currently owns and manages over 6,000 housing units. Its projects include:
- The Shipyard, Hoboken, N.J.: 1,160 residences, 65,000 square feet of retail shops, a one-acre park, ferry stop and marina on the Hudson river-front.
- Port Liberte, Jersey City, N.J.: A 1,650-unit waterfront condominium facing the Statue of Liberty.
- Pier Village, Long Branch, N.J.: A “Victorian-inspired village,” with 543 luxury rental units, a boutique hotel, and 100,000-plus square feet of entertainment and retail shops, including a beach club, gourmet restaurants and boutiques on the oceanfront.
- The W Hoboken Hotel & Residences, Hoboken, N.J.: A 25-story hotel with 225 guest rooms and 40 condominium residences on the waterfront.