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08/10/2016

Monroe Solidifies Asbury Park, N.J., As Global Destination To Play, Stay And Now Live

World-Class Designers Anda Andrei and Chad Oppenheim Bring Luxury Real Estate Offerings to Asbury Park with 34-Unit Condominium Project

ASBURY PARK, N.J., Aug. 10, 2016 /PRNewswire/ -- On the heels of this summer's highly successful launch of The Asbury Hotel – Asbury Park's first new hotel in more than 50 years – visionary real estate investment firm iStar (NYSE: STAR) announced today the opening of the sales office for Monroe, the next property to launch as part of the company's 10-year, multi-billion dollar redevelopment, hailed as one of the most significant and ambitious plans on the Eastern Seaboard.

Experience the interactive Multimedia News Release here: http://www.multivu.com/players/English/7578754-istar-monroe-asbury-park/

The open layout of the living area evokes the calming feeling of being at the beach, providing the perfect space to relax and entertain.

Creative Director and Design Lead of the redevelopment, Anda Andrei, tapped internationally-acclaimed Oppenheim Architecture, led by Chad Oppenheim, to design the sophisticated 34-unit condominium at 601 Heck St., just blocks from the beach. Simply called Monroe, the project represents a turning point in the town's revival, providing luxury residences to meet the demand of buyers looking to invest in the up-and-coming neighborhood. Since launching pre-sales earlier this summer, 40 percent of the building's units have been snapped up by eager buyers.

"Monroe offers people a place to live in this incredible town that is only 90 minutes away from New York City, with a beautiful stretch of pristine beach and an amazing music scene and restaurant culture," said Andrei. "Chad – who was raised in the area and understands the town's unique potential – is renowned for creating stunning architecture that focuses on blending indoor and outdoor living, which made him the perfect person to design Monroe."

Oppenheim, whose designs have helped shape skylines in 23 countries, is globally celebrated for sustainable architecture that is designed to fit in – rather than compete – with its surroundings. His most notable projects include Ten Museum Park in Miami; Net Metropolis in Manila, Philippines; Enea Headquarters in Rapperswil-Jona, Switzerland; and Wadi Rum Resort, an eco-resort carved into the stone of Jordan's Wadi Rum desert.

For Monroe, Oppenheim sampled materials from the neighborhood, including wooden boardwalk planks and stones from old architecture, to create a high-design residential building. Placing a premium on the concept of indoor/outdoor living, Monroe boasts a furnished, private outdoor terrace with freestanding KitchenAid grills and Raw Urth Designs Napa fireplaces. The clean, fresh design and inviting color palette are intended as a luxurious extension of the building's surroundings, providing a quintessential urban beach oasis.

"I grew up in Holmdel, 20 minutes away from Asbury Park, and even as a kid, I would look at the incredible architecture there in awe," said Oppenheim, principal and lead designer of Oppenheim Architecture. "It was gratifying to be able to create something meaningful so close to where I grew up."

When construction wraps later this year, Monroe will boast one-, two- and three-bedroom layouts, with prices starting in the mid-$400,000 range. Residences will feature sleek Corian countertops and Hansgrohe fixtures in kitchens and bathrooms; Italian contemporary cabinets from Molteni; KitchenAid gas ranges and dishwashers; Liebherr Energy Star-compliant, stainless steel bottom-freezer refrigerators; and open-design showers in all master baths.

Residents will also have access to a selection of amenities and services through a partnership with The Asbury hotel, including priority access to hotel amenity spaces, which include the swimming pool, rooftop bar, movie screenings and other events; room upgrades for friends and family; a house account at The Asbury; and a special discount for private events.

"We identified Asbury Park's incredible potential and assembled a team of remarkable talent to help us build on this amazing destination," said Jay Sugarman, iStar's founder and CEO. "As our vision has started to come to life, the global excitement and enthusiastic welcome from our neighbors has confirmed for many what we have known for years – that Asbury Park is beautiful, and it's here to stay."

The Sroka Worldwide Team at Douglas Elliman has been tapped to lead the sales and marketing of the property. To learn more about ownership opportunities at Monroe, please visit www.MonroeAsburyPark.com or contact the sales office at (732) 733-6201. The Monroe sales office is located at 302 Cookman Ave. and is currently accepting appointments.  

About iStar
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as an adaptive investment company, bringing uncommon capabilities and new ways of thinking to commercial real estate. Building on more than $35 billion of transactions, including $10 billion of residential projects over the past two decades, iStar is one of the largest investors in luxury condominium, multifamily and master-planned residential developments in the U.S. Structured as a real estate investment trust ("REIT"), its portfolio is diversified by asset type, property type, geography and obligor, with a focus on larger assets located in major metropolitan markets. Additional information on iStar is available on the Company's website at www.iStar.com.

About Anda Andrei Design
With her laser eye for detail, her love of epic challenges and her architectural insights, Anda Andrei has made the world a better-looking place. After three decades as Ian Schrager's right-hand woman of design, shaping the boutique and lifestyle hotel world as we know it, working on game-changing properties like Royalton, Hudson, Gramercy Park Hotel, and Delano, Andrei is now putting her indelible mark on noteworthy projects of her own as president of Anda Andrei Design LLC.

In addition to being Creative Director and Design Lead on the acclaimed, multi-billion-dollar revitalization of Asbury Park, NJ by real-estate investment leader iStar, Andrei also served as Creative Director for real estate mogul Aby Rosen's 221-room project in SoHo that opened in spring 2016—11 Howard. She has also collaborated with Bonetti Kozerski Studio for the design of the new Brooklyn Museum restaurant—The Norm.

About Oppenheim Architecture
Oppenheim Architecture is an award winning architecture, planning, and interior design firm specializing in hospitality, commercial mixed-use, retail and residential buildings worldwide. With over 70 career distinctions, including over 45 AIA Awards, the firm's work is built on both a physical and spiritual contextual sensitivity, supported by evocative and economic design solutions that all serve to enhance life. The firm's projects are crafted to establish the perfect balance between artistry and economics — timeless architecture that is as beautiful as it is functional. With projects spanning over 25 countries, the firm designs with sensitivity toward man and nature – harmonizing with the surroundings of each context. Oppenheim Architecture is headquartered in Miami and has offices in New York and Basel, Switzerland.

The generously-appointed kitchen and dining area offers a clean, inviting space to prepare meals and host family and friends.

 

The modern bathroom offers a luxurious, open-design shower with rainfall shower head that delivers a truly spa-like experience.

 

Placing a premium on indoor/outdoor living, Monroe offers private outdoor living rooms that blur the lines between inside and out.

 

The roof deck, with sweeping views of Asbury Park, provides residents with a place to relax and mingle.

 

The private terrace, replete with a Raw Urth Designs Napa fireplace and KitchenAid grill, is the ultimate place to host a barbeque and enjoy summer weather on the Jersey Shore.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/monroe-solidifies-asbury-park-nj-as-global-destination-to-play-stay-and-now-live-300311557.html

SOURCE iStar Financial

Gizem Ozcelik / Megan Kivlehan, Gizem@njfpr.com / Megan@njfpr.com, Nancy J. Friedman Public Relations, 212-228-1500

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