Tag Archives: the shipyard hoboken

McLoone’s Restaurants Announces a Spring 2014 Opening of “Pier House” in Hoboken, NJ

New venture marks McLoone’s tenth restaurant

Hoboken, NJ – McLoone’s Restaurants is thrilled to announce that they will be opening a new “Pier House” restaurant at The Shipyard, a mixed-use community of luxury residences and upscale retail space located on Hoboken’s northern waterfront facing midtown Manhattan.  This McLoone’s restaurant will expand the very successful “Pier House” concept to three locations; adding to the original in Long Branch (2005) and National Harbor, Maryland (2010). The Hoboken location will offer McLoone’s “upscale dining for the entire family” with New American cuisine, neighborhood signature dishes, an extensive wine list and specialty drinks. Renovations are planned for the 7,000 square-foot venue, owned by Ironstate Development Company, since it is an existing restaurant space with many interior architectural accents. McLoone’s Pier House boasts soaring ceilings, vibrant features, and spectacular views of the Manhattan skyline that will debut in Spring 2014. Pier House will be added to an impressive list of ten restaurants owned by McLoone’s hospitality company. Visit www.mcloones.com for all restaurant locations.

 “We couldn’t pass up the opportunity to create a new restaurant located in the iconic city of Hoboken. The Shipyard is a great community”, cheers Tim McLoone, president of McLoone’s Restaurants. “With an exceptional waterfront location just steps from a New York Waterway Ferry Terminal and convenient Valet Service, we expect to attract patrons from throughout New Jersey and Manhattan”. Tim is known throughout New York and New Jersey as a celebrated musician, entertainer, athlete, restaurateur, entrepreneur, humanitarian and renaissance man. His interests and core values have cultivated a unique company brand that has been a successful formula for over twenty years.

 The interior concept is being designed by Cahill Studio Inc. that will reflect the flavor of its unique surroundings. The existing framework of the multi-faceted interior space, formerly Lua Restaurant, offers an open, fluid environment that evokes a hip and social environment for both dinner and cocktails.  The restaurant’s centerpiece is a one-of-a-kind elliptical bar with a glowing amber resin top that flows out from a curved wood base.  It is oriented to provide a 360-degree view of the restaurant. The two-level dining room, which will seat about 150 people, is separated from the bar area by a freestanding custom partition which provides privacy for diners.   A series of banquets along the perimeter allows intimate dining experiences, while oversized windows provide a spectacular view of the Manhattan skyline. The lounge area can be used for private parties or casual cocktails and provides a more relaxed and easy atmosphere.

 Developed and owned by Ironstate Development Company, The Shipyard in Hoboken features 1,160 luxury rental and for-sale residences, 65,000 square feet of retail space, a public waterfront promenade and park, a ferry terminal with service to midtown Manhattan and a full-service marina.  Ironstate also owns Pier Village in Long Branch, where one of McLoone’s restaurants has been located since 2005. Since Ironstate and McLoone’s have a long-standing business relationship, principals from both enthusiastically embraced the possibilities of continued success with a second waterfront location.

 “We’re excited to add McLoone’s Pier House to The Shipyard,” said David Barry, President of Ironstate Development Company.  “Tim’s restaurant concept has been an important contributor to the overall lifestyle at our Pier Village community in Long Branch, and we’re confident it will achieve similar success in Hoboken.”

 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.

Visit www.mcloones.com  for additional information.


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.


Naval Home Port in Stapleton being razed

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.

ABOUT IRONSTATE

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.

The joy of renting – More of us are renting in New Jersey

VIA JENNIFER V. HUGHES/SPECIAL TO THE RECORD

Jeff Rossi, 25, says he chooses to rent because it suits his lifestyle and he can take advantage of financial incentives. He rents this apartment at Harrison Station.

Jeff Rossi is only 25, but when he was leaving his parents’ home recently, he contemplated buying.

“My mother is a Realtor and she fought me on renting,” he said. “She told me to get an investment. I’m very hands-on, but I don’t have time and patience to do it now.”

Rossi is a renter at Harrison Station, a 275-unit building in Harrison.

He loves the pool, amenities room, business center and retail offerings. Although those choices are available in the condo market, Rossi said he likes the flexibility of rentals.

“The other great thing is that with a lot of new buildings, there are incentives to move in, you get two free months here, two free months there,” he said. “I’m a single guy, I can move around a lot. You can get a great deal.”

Rossi is one of legions of renters in North Jersey who are in no hurry to buy. Some are waiting for economic stability or for the market to settle. Many also just enjoy the renter’s lifestyle.

The rise of the renter can be seen in how home-ownership rates have dropped in recent years. In 2005 and 2006 in New Jersey, between 69 and 70 percent of people owned their own home, according to census data. In the third quarter of 2011, that number dipped to 65 percent.

Marnie Raimondo is well aware that this is an excellent time to buy a home.

She knows interest rates and prices are at record lows, and her sister — her younger sister, she points out with a laugh — has been looking at homes for months.

“She’s always telling me, ‘You should really be out there looking,’ ” said Raimondo, who has a one-bedroom apartment at 140 Mayhill, a luxury rental building in Saddle Brook.

“I do make a good living and, technically speaking, I could afford it, but I don’t feel like I have enough to put down on a house and still have money in my back pocket in the event that something happens.”

“I like renting,” Raimondo said. “It’s easy, it’s convenient. I don’t have any maintenance to worry about. They take care of everything for me. There’s a parking garage, and when it snows my car is covered. There’s no shoveling.”

Raimondo said her rent is similar to a mortgage, but she knows there are hidden costs associated with homeownership.

“If anything goes wrong, you have to foot the bill, you can’t just call the super,” she said.

Another sign of renting’s popularity is how vacancy rates are low — about 3.7 percent in Bergen County for the third quarter of 2011, according to the real estate investment-services firm Marcus & Millichap.

Those numbers are a far cry from the U.S. average, which was 9.8 percent in third quarter of 2011, but lower than the first quarter of 2010 when Bergen County’s vacancy rate hit 5.7 percent.

The recent low vacancy rates are similar to what they were in 2005 when the economy was stronger, said Michael Fasano, Marcus & Millichap vice president and regional manager.

‘A better lifestyle’

“The vacancy rates were low in 2005 because the stronger economy was driving companies to hire people out of college who needed to rent apartments,” Fasano said. “Today what’s driving it is that people now see apartment renting as part of a better lifestyle.”

Low vacancy rates mean that rents also are on the rise. In Bergen County, effective monthly rent in 2005 was $1,348. In 2011 it nudged up to $1,484, according to Fasano.

Another way to gauge the popularity of renting is to look at the buildings. The developer BNE Real Estate Group recently switched two projects from condo to rental to respond to marketplace demands.

The first originally was conceived as an active-adult condo development, then switched to a free-market for-sale product. Last month, they broke ground on a 194-unit rental project in Fort Lee called Twenty50 that should be done by September 2013. The second project, in Jersey City, also was originally slated to be condos; it’s now planned as a 139-unit rental development.

“In general what we’re really seeing is a lot of people are renting by choice now,” said Jonathan Schwartz, senior vice president for BNE. “It’s about greater mobility and flexibility and not having to worry about maintaining a home, and still living within 10 minutes of Manhattan.”

Sally Robertson and her husband, Oscar Burgos, would seem to be prime candidates for home ownership, thanks to their three children. But Robertson said they have no plans to move from their Hoboken duplex at The Shipyard, where they have lived for nine years.

“For us, it’s about lifestyle,” said Robertson, whose family loves the building’s pool, the proximity to New York City and the conveniences of rental living.

“We don’t spend any of our free time doing maintenance or mowing lawns or fixing things,” said Robertson, who is originally from London; her husband is from Colombia. “Any free time we have we spend enjoying where we live, not maintaining it.”

In the early years at the Shipyard, Robertson watched many of their friends buy homes in the suburbs. Recently, they’ve seen more staying, and some people who left have returned.

“I think in all honesty, if we did buy a place it would be in Europe or somewhere else, a place that we would live part of the year,” she said.

Robertson said her family can’t believe how much they spend on rent, knowing that none of it is building equity.

“If you stop at the end of the year and think about how much money you’ve paid in rent, that can be a little shocking,” she said. But she always comes back to the luxury features of the Shipyard — the waterfront park, the health club, the on-site retail shopping.

“Honestly, we could not afford to live in such a beautiful place if we bought,” she said.

Luxury rentals are a major driving force, said Jacqueline Urgo, president of The Marketing Directors, which does in-house sales and marketing for both condo and rental projects. In the three decades Urgo has been with the company, she has seen major changes.

“Let’s say that in 1995, if you had a lounge in a rental building, it was considered an unbelievable luxury,” she said. “Now you have buildings with a doorman, a spa, an upscale lounge, a state-of-the-art fitness center. You have an amenities package similar to a luxury condo.”

In those early days, rental buildings never trumpeted in-unit features such as finishes and appliances. Urgo said one of their newest projects, a 108-unit rental building in Elmwood Park built by Riverfront Residential, will have granite countertops and artistically designed tiling.

“The materials will be incredible,” she said.

Urgo said she’s seeing luxury rentals go quickly. At Harrison Station, about 50 percent of the homes have been rented after only three months on the market. Urgo compares that to a project she recalled in the 1990s that took 16 months to rent out.

Real estate agents say their rental clients are rising. Scott Selleck, broker sales associate for Re/Max Villa Realtors in Edgewater, said his rental clientele has increased by 50 percent in the past six months.

“There is a mindset that people would rather rent and keep their payments reasonable, and not get caught with the market dipping again,” Selleck said.


LIVING ALONG THE GOLD COAST

 

 

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Featuring Ironstate Development Company‘s Harrison Station, The Shipyard, W Hotel and Residences and more ….


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