Staten Island Urby Receives $132.9M in Fannie Mae Refinancing
David Barry’s gigantic multifamily rental complex in Staten Island received a Fannie Mae loan which replaces the original $100 million construction loan.
NEW YORK CITY—The Staten Island Urby, a two-building, 571-unit, “80/20” mixed-income, multifamily rental apartment received a $132.9 million Fannie Mae loan. The property is located at 7 and 8 Navy Pier Court in Staten Island. CoStar tells GlobeSt.com that the owner Ironstate Development, whose principal is David Barry, has leased 98% of the property.
The Greystone Bassuk capital markets advisory group led by president Drew Fletcher, with Ken Rogozinski, Matt Klauer and Bryan Grover advised Ironstate and secured the Fannie Mae loan. Also on the Greystone team, Billy Posey and Jeff Englund negotiated the loan for the borrower. A new 10-year fixed rate permanent loan replaces the original $100 million construction credit facility provided by PNC Bank in 2013.
Built in 2016, the Staten Island Urby is situated on a 3.94-acre waterfront lot on the eastern side of Front Street between Prospect and Wave streets. The development comprises one four-story building and one five-story building totaling 292,369 rentable square feet with extensive amenity space and 35,000 square feet of retail space. A total of 115 units are affordable housing priced at 60% of the area median income. The remaining 456 apartments are market-rate rentals. All of the units are LEED-certified.
Urby incorporates a modern trend of designing rental residences after boutique hotels, maximizing space and light and hosting community events. In the common spaces, the complex offers one of the city’s largest urban farms, and a kitchen with cooking demonstrations by local chefs, pop-up dinners, tastings and talks. The Staten Island Urby includes a 5,100-square-foot gym, outdoor saltwater pool, landscaped courtyards with fire pits, Wi-Fi enabled green spaces and a 300-car garage. The building also offers views of the Statue of Liberty, Brooklyn and Lower Manhattan.
The restaurants Barca, Rallo’s Surf, Seppe Pizza Bar are operating in the retail space. The NJ-based coffee roaster Coperaco runs a cafe in the lobby.
“Urby has created a fresh new take on urban apartment living with hospitality-level services, curated amenity spaces and efficient, modern-design apartments at affordable prices,” says Fletcher. He adds that Greystone’s client continues to redefine the standards for big city rental housing.
In addition to Urby, Barry has invested in hotel projects such as The Standard East Village, Chiltern Firehouse in London, Pod Hotel in Williamsburg and W Hotel in Hoboken. His investments in residential projects include Shipyard Hoboken, Pier Village and 10 Bond.