DEVELOPMENT PARTNERSHIP BREAKS GROUND ON 83-HOME CONDOMINIUM BUILDING IN MANHATTAN’S EAST VILLAGE

Eight-Story Building to Rise at 211 East 13th Street

NEW YORK, October 2, 2012 – Developers have broken ground on a new 83-home luxury condominium building that will rise at 211 East 13th Street between 2nd and 3rd Avenues in Manhattan’s East Village.

Sales are expected to begin next May for the studio, one- , two- and three-bedroom residences in the boutique eight-story building. The developer is a joint venture partnership of Ironstate Development Company, Abe and Scott Shnay and Charles Blaichman. The Marketing Directors, Inc. has been retained as the exclusive sales and marketing firm.

The thoughtfully-designed homes will offer from 500 square feet to 1,880 square feet of inspired living space. Typical ceiling heights will be over 9’ throughout, and a third of the residences will feature substantial outdoor space — including six private rooftop cabana terraces.

Rising on a long-vacant site that was once was home to the historic Jefferson Theatre, the new luxury condominium building is being designed by Manhattan-based BKSK Architects to fit in contextually with its East Village neighborhood. In addition to the residential mix, the condominium will feature 4,500 square feet of ground-floor retail space along East 14th Street. The building is also being designed to achieve LEED Silver certification or higher.

Residents will also enjoy a private, upscale amenity suite within the building. Created by Kara Mann Design, amenities and common spaces include a 24-hour attended lobby, residents and business lounges, a sky-lit fitness room and lounge, and a library. Private storage cages will be available for purchase. A large landscaped common rooftop terrace featuring an outdoor kitchen, trellis and planted seating areas has been planned by landscape design firm Town and Gardens, Ltd.

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 About Ironstate Development Company

Ironstate Development is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of apartments and hotels valued at several billion dollars. The Company’s multi-family portfolio comprises an extensive range of apartments, condominiums and retail and recreational spaces in key urban centers near mass transportation hubs, while its hospitality holdings include the W Hoboken Hotel along the Hudson River waterfront facing Manhattan and the newly-acquired Standard East Village in Manhattan with partner Andre Balazs. Ironstate has approximately $1 billion in the development pipeline, including the redevelopment of the former U.S. Naval Base on the waterfront in Staten Island, NY. Additional information on Ironstate Development Company is available on the Company’s website at www.ironstate.net.

About Abram & Scott Shnay

Abram Shnay has been in real estate development and construction for over 40 years. He has built and presently owns or has a controlling interest in approximately 1,800 residential rental units throughout the New York area. A majority of the apartment complexes are subsidized under the federal government’s Section-8 Program and have long-term rental contracts. In addition, he has built and sold over 1,000 single-family homes in Staten Island and Queens. He has assembled and developed various residential sites in Queens, including a site in Astoria of 400 apartments and a site in Forest Hills of 220 apartments. Most recently he was the developer of two residential condominium buildings in New York City, The Urban Glass House in West Soho and The Dance Building in Chelsea (also home to the Dance Theater Workshop). He was a developer of a 50,000 square foot retail/commercial building at 40 Gansevoort Street in the Meatpacking District that has been net leased to Theory LLC.

In 2006, Abram’s son, Scott, joined him in the development business. Scott was involved in The Urban Glass House and 40 Gansevoort, as well as the acquisition of current development sites: 10 Bond Street, 211 East 13th Street and 345 W. 14th Street.

About Charles Blaichman

CB Developers and its affiliated companies are led by Charles Blaichman, who has been developing, building and managing real estate for over thirty years. His projects range from ground-up construction, adaptive re-use and the reconfiguration and expansion of existing structures, spanning residential and commercial condominiums and rentals, and boutique hotels. Since 1993, Charles has focused primarily on desirable neighborhoods in downtown Manhattan such as the West Village, Soho, the Meatpacking District, Chelsea, the East Village and the Lower East Side. He has earned a reputation for successfully completing architecturally unique projects that are both profitable and visually distinctive. He also has an extensive track record partnering with other developers, hotel operators, managers, and investors.

Charles oversees all aspects of development; from conception to completion, including the acquisition of new projects, formation of partnerships, construction management, and establishment of sales and management teams. Some of his noteworthy projects in Manhattan include the condominiums at 173/176 Perry Street (designed by Richard Meier); The Urban Glass House condominiums (330 Spring Street, designed by Philip Johnson with interiors by Annabelle Selldorf); 29-35 Ninth Avenue (home to hotel and social club Soho House and Jean- George restaurant Spice Market), and the Theory Building at 40 Gansevoort Street. Charles grew up and still resides in New York City and received his BA from New York University.

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