Developing properties that glorify the past and transcend into the future
The Ishay Group’s strategy is to develop real estate within strong urban markets ripe for growth. It has showcased its ability to build creatively and efficiently through various types of construction projects. Its focus on balancing preservation with progressive, forward design has been a key attribute to its success.
Projects in Development
At a time when redeveloping The Normandie Hotel seemed increasingly unlikely, The Ishay Group boldly acquired the property and partnered with Marvel Architects, one of the most prestigious architectural firms globally, to resurrect what was once the island’s most iconic hotel. Sitting at the gateway of Old San Juan…
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Built in 1969, The Essex Lake House, formerly known as Carmel Towers, is a high rise structure towering over the beautiful Weequahic Park. Weequahic Park was designed by the same firm that designed Central Park, The Olmsted Brothers…
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The Sidney represents The Ishay Group’s first assemblage play, which had begun in 2002. The Ishay Group recognized early on that it was only a matter of time before Brooklyn would experience exponential rent growth and began…
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Built in the early 20th century, The Packard is located on Charles Street, a prime block in the Heights of Jersey City. It once served as the premier showroom for the Packard Motor Car Company, which produced American luxury…
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The Modern Arts Building is a boutique office building in New York City's Bryant Park. It was originally built in the 19th Century for residential use and at one point was owned by Mayor Lindsay of New York. The building showcases a tremendous…
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Step 1
It all begins with site selection. The Ishay Group is very selective about choosing optimal development projects. Its strategy is to develop properties in Class A locations of under served submarkets that possess strong fundamentals and support the potential for strong, future growth. This requires a comprehensive study of market research and analysis. Considering its long term objectives, its developments are generally progressive for their neighborhoods or markets.
Step 2
The design phase is an important piece of The Ishay Group’s formula of creating timeless projects. It consists of a close collaboration between its industry partners and construction management team, where it engages intensely with architects, engineers, and various consultants, to create a symbiotic vision among the team. Each project it has developed has found an appropriate balance between forward, aggressive designs and architectural contextualism. It has exploited every opportunity available to introduce cost and operational efficiencies, sustainability, and advanced technologies.
Step 3
The Ishay Group’s meticulousness through the construction phase is integral to its business. It prides itself in its ability to build from the ground up where it can showcase its creativity and reinvigorate certain communities. It also prides itself in its ability to work with the challenges that come with upgrading existing buildings and transforming them without diluting their historical fabric and character. From worldwide material procurement to intricate design detailing, it is equally invested in construction, preservation, modernization and cost efficiency.
San Juan, Puerto Rico
At a time when redeveloping The Normandie Hotel seemed increasingly unlikely, The Ishay Group boldly acquired the property and partnered with Marvel Architects, one of the most prestigious architectural firms globally, to resurrect what was once the island’s most iconic hotel.
Sitting at the gateway to Old San Juan, Puerto Rico, The Normandie was a symbol of style and luxury, not only to the local people, but to all its visitors who were enamored by its architectural beauty which exemplified the Art Deco design era.
Through its working collaboration with the Instituto de Cultura de Puerto Rico, the State Historic Preservation Office, the National Parks Service, the Municipality of San Juan and other Puerto Rican partners and local community stakeholders, The Ishay Group has conceived a path moving forward for the redevelopment of The Normandie that conforms with its mission statement of balancing preservation with a functional and sustainable design.
Driven by a mix of passion and inspiration, while keeping an attentive eye towards the needs of the stakeholders involved, The Ishay Group has developed plans for The Normandie's return after nearly two decades. These plans reflect the values of The Ishay Group and its local partners that have a genuine respect and commitment for preservation, sophisticated design, and environmental sustainability. The Normandie is on a path to a tremendous comeback that will not only transcend the standards of adaptive reuse projects in Puerto Rico, but in all of the Caribbean as well.
Newark, New Jersey
Built in 1969, The Essex Lake House, formerly known as Carmel Towers, is a high rise structure towering over the beautiful Weequahic Park. Weequahic Park was designed by the same firm that designed Central Park, The Olmsted Brothers, and is the second largest park in Essex County. The 26-story property affords 360-degree views that include the skylines of Manhattan, Downtown Newark, and Jersey City, in addition to New York Harbor. Once a building that catered to the thriving middle class demographic of Newark, NJ, it fell into disrepair and neglect. It eventually turned into a Section 8 building and later vacated by the New Jersey State HUD office in 2012.
The Ishay Group quickly recognized in 2013 that Newark was one of the fastest growing and dynamic cities in the Northeast. Newark now has over $2 billion in development underway and is rapidly transitioning into a 24-hour live, work, and play destination. It also recognized the accessibility of the Property to major transit arteries and its proximity to Newark Airport. Fortuitously, two years after retaining control of the property, the Port Authority Commissioner announced a $1.7 Billion project to extend the PATH Train with plans for a station within walking distance to the Property.
The Ishay Group had to work with the municipality from the onset of the project through its programming. The Ishay Group was awarded the winning bid when NJHMFA launched an RFP process for the six notes that were outstanding on the project. The property contains 216 units and 104 parking spaces. The Ishay Group had been vocal about reinvigorating the architect's original intent to design the tower in a way that symbiotically coexists with the Park. The building will serve the needs of the transit oriented demographic that appreciate having a natural park at its footsteps for generations to come.
Brooklyn, New York
The Sidney represents The Ishay Group’s first assemblage play, which had begun in 2002. The Ishay Group recognized early on that it was only a matter of time before Brooklyn would experience exponential rent growth and began vacating numerous commercial and retail tenants. In 2007, it had an empty plot that was ripe for ground up construction, measuring 125 by 140 feet. It now, however, was faced with the Great Recession.
The Sidney is a testament to The Ishay Group’s ability to stay nimble. Instead of sitting on vacant land, it recognized a dire need for parking in the area. It quickly opened a parking lot on site and self-managed those operations. This endeavor proved to be highly successful early on, when its profitability outpaced the cash flow that would have been derived had the commercial tenants remained in place. In the meantime, The Ishay Group waited for the tide to turn and noticed the strong trend of renters increasingly migrating south through Brooklyn to achieve more affordable rents. The immediate area also began catching the attention of New York City, which eventually invested close to $100mm in revitalizing the landmarked Kings Theatre as a performing arts venue. These trends led to the commencement of the development project once again.
The Sidney is enjoying a 15-year 421-A tax abatement and a promise towards an ever growing and improving neighborhood with higher demand. The assemblage required the fusion of tax lots and received grants for its required environmental cleanup, which had been conducted with the cooperation and certification of the NYS OER. The building contains 68 apartments and is fully amenitized with features including a rooftop lounge, a coworking space, and private parking. Its design pays homage to its surrounding neighborhood and Brooklyn’s eclectic character.
Jersey City Heights, New Jersey
Built in the early 20th century, The Packard is located on Charles Street, a prime block in the Heights of Jersey City. It once served as the premier showroom for the Packard Motor Car Company, which produced American luxury automobiles from 1899 through 1956. This building showcases adorned and coveted architectural features that exemplifies the vintage blue-collar industrial character that defines Jersey City's historical core. When The Ishay Group acquired the site, it recognized the vast transformation that was taking place in The Heights. Reminiscent to what The Ishay Group had experienced in Brooklyn, it noticed the eclectic demographic that began residing in the area, which supported unique shops, theatres, bars and restaurants that began to open.
Through its market research, The Ishay Group felt that a conversion from commercial to residential condominiums would be the best use for the Property. The building exterior and interior will offer a fashionable element that truly stands out in the neighborhood. The existing facade was maintained with windows that highlight the industrial feel and stay genuine to the structure's original design intent. The building offers residents an industrial chic, loft living residential experience. Through working with the municipality, The Ishay Group was able to add an additional floor and create duplex apartments at the penthouse units with views of the New York City skyline. The architectural elements of the additional floor will be distinct in order to highlight the contrast between the building's historic and modern elements.
The Packard was a historic preservation project that required a tremendous amount of attention to detail. It was the first adaptive reuse project in the vicinity and truly paid homage to the former Car Company. It now stands as the most iconic condominium building in The Heights.
Finished project photos and Condominium offering can be found here: THEPACKARDJC.com
Bryant Park, New York
The Modern Arts Building is a boutique office building in New York City's Bryant Park. It was originally built in the 19th Century for residential use and at one point was owned by Mayor Lindsay of New York. The building showcases a tremendous amount of character through its brick exposed walls, oak floors, and elaborate wooden staircase. The Property is situated among Midtown’s most recognizable buildings, prestigious retail corridors, amenities and mass transit hubs. Bryant Park, New York Public Library, Fifth Avenue Retail Corridor, Grand Central, Penn Station, Port Authority Bus Terminal, Times Square, Herald Square and Madison Square Garden are easily accessible in under a 10-minute walk.
The Ishay Group self performed the complete gut renovation of the building after a fire destroyed much of the building.
