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IStar Financial Sees Record Demand For New VIVE Townhome Community In Asbury Park Waterfront

Stocks in this article: SFI

NEW YORK, July 9, 2013 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today its luxury townhome community, VIVE, sold out its entire inventory of homes in phase 2 of the project within one day of their release on July 8, 2013.  This record demand from buyers is similar to the response that VIVE's first phase of homes experienced, also selling out the first day they were made available.

Base prices in the second phase ranged from $424,900 to $449,900 before upgrades. More than 1,000 people expressed interest in VIVE, signaling the significant pent-up demand in the Asbury Park waterfront market.

"VIVE serves as a sample of what's to come, as we move forward in building out the waterfront as part of our long-term commitment to Asbury Park," said Brian Cheripka, Vice President of Land for iStar, who oversees the redevelopment of the waterfront.  "After millions of dollars in improvements to the waterfront and our connection to downtown, we are excited by the strong response to the first of our waterfront projects.  Our success at VIVE has enabled us to accelerate the timing of our next projects and we look forward to building on this positive momentum."

VIVE represents the first development project on the waterfront in Asbury Park, NJ, for which iStar is the master developer. VIVE features 28 luxury two- and three-bedroom townhomes ranging from approximately 1,700 sq. ft. to 2,200 sq. ft., with all floor plans having private entrances and two-car garages. Just two blocks from the ocean and the historic Asbury Park boardwalk as well as the increasingly hip Asbury Park downtown core, VIVE offers homeowners easy access to a wealth of entertainment, shopping, and dining options.

"We've been very pleased with the success we've seen at VIVE and what it means for our ongoing investment in Asbury Park," said Jay Sugarman, iStar's Chairman and Chief Executive Officer. "And it highlights how our land and residential teams can create value across our $1 billion land portfolio, bringing together sophisticated land and development expertise with iStar's recognized creativity, credibility and capital."

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