NJ developers soldier on

February 01, 2010 06:01PM

New Jersey issued less than 12,000 permits for new housing last year, a threshold not crossed since 1945, and although market analysts are skeptical that a full recovery is on the horizon, many multi-family builders are pressing on with — slightly altered — large-scale plans. Hoboken’s Ironstate Development is shifting its concentration to efficiency for its new units, though after exiting the condo construction fray three years ago, the company is waiting yet another year before dipping its feet back in. When the company does proceed with its plans for 70 new condos in Long Branch, said David Barry, Ironstate’s president, units will be priced from “something like $349,000, not $500,000, which is more in line with today’s market.” Ironstate is also revisiting plans for Port Liberté on Jersey City’s waterfront. “I don’t know if we’ll start going in ’10,” Barry said, “but we are starting to work with architects again.” Millennium Homes, which had halted construction on the remaining 41 condos in its Vizcaya development in West Orange when the market appeared to stall, reconsidered after sales on the first batch of residences were unexpectedly brisk. Construction on those 41 remaining homes is set to restart next month. [NYT]