The Real Deal New York

Ironstate closes on purchase of SI site slated for $150M rental complex

November 18, 2011 03:14PM

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Ironstate Development President David Barry and a rendering of the Homeport development
The city has sold the Staten Island development site that formerly housed a U.S. Naval Base to Ironstate Development for $11 million, the city’s Economic Development Corporation announced today.

New Jersey-based Ironstate will build a $150 million complex on the 7-acre waterfront site known as Homeport, in the Stapleton section of the borough. It will include 900 residential rental units, 30,000 square feet of retail, 600 parking spaces and a public plaza.

The city will also invest $32 million for infrastructure improvements to create a new waterfront esplanade in Homeport and Staten Island Borough President James Molinaro has set aside $1 million for improvements on the Staten Island Rail Road’s Stapleton station.

“This is a uniquely positioned site,” said Ironstate President David Barry in a statement. “We’re looking forward to unlocking its intrinsic value by introducing an exciting mix of shops, restaurants and apartments alongside a new waterfront esplanade that will enliven the area and benefit the community at large.”

Demolition is underway for the three existing buildings on the site, and Ironstate estimates it will start construction on one of the two residential buildings some time next year. When complete, the buildings will reach four and five stories, and will total 600,000 square feet.

Ironstate is also the developer behind the 2,600-unit residential complex slated to rise near Harrison Station in Harrison, N.J. – Adam Fusfeld

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