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Waterfront redeveloper iStar Residential has signed an agreement with K. Hovnanian Homes to build townhouses on the western edge of the Asbury Park waterfront redevelopment zone on Grand Avenue.

The project will be located at the intersection of Grand and Monroe avenues, according to a news release issued by iStar this morning. K. Hovnanian Homes will build two, three and four bedroom “luxury townhomes”ranging from 1,700 to 2,200 square feet on the site, the release stated.

“This development project, when approved by the City, marks the first time a national homebuilder will be entering the Asbury Park market since 1984, when the waterfront was originally designated as a redevelopment area,” according to the iStar statement.

IStar will be responsible for obtaining municipal approvals and preparing the project site, according to the release. The statement did not say how many units are proposed for the site, which is near the downtown business district. Brian Cheripka [above right], iStar’s vice president for land, declined comment beyond what was stated in the news release.

“K. Hovnanian is a market leader in New Jersey and we are pleased that they recognize the positive improvements that iStar has made, in conjunction with efforts from the City, to make Asbury Park a more vibrant community,” stated Cheripka, as quoted in the news release. “This project will help set the stage for larger development projects along the waterfront.”

The following is the full news release from iStar:

iStar Residential announced today that it has signed an agreement with K. Hovnanian® Homes® to build luxury townhomes at the intersection of Grand Avenue and Monroe Avenue in Asbury Park. This development project, when approved by the City, marks the first time a national homebuilder will be entering the Asbury Park market since 1984, when the waterfront was originally designated as a redevelopment area. iStar Residential will be responsible for obtaining City approval and preparing the project site so K. Hovnanian® can move forward and build the new townhomes.

“We welcome K. Hovnanian® Homes® to Asbury Park, where we are clearly seeing positive momentum along the waterfront,” said Jay Sugarman, iStar’s Chairman and Chief Executive Officer. “This change is fueled by iStar’s fundamental belief in this City, our financial strength and our team’s ability to work with the City to find creative solutions to move projects forward. This is an important milestone, as attracting best-in-class developers is critical to restoring and reviving the waterfront of this historic City.”

Over the past two years, iStar has worked to create positive momentum within the City’s Waterfront Redevelopment Area by investing in improvements that include extensive landscaping, pedestrian-friendly walkways and new infrastructure and street lighting. These efforts were all designed to not only beautify the area, but to restart residential development and begin to re-connect the waterfront to the City’s expanding central business district. The significant improvements did not go unnoticed by homebuyers, as evidenced by the fact that iStar’s luxury townhome community, VIVE, was 100% sold out within hours of its opening for sale.

“K. Hovnanian® is a market leader in New Jersey and we are pleased that they recognize the positive improvements that iStar has made, in conjunction with efforts from the City, to make Asbury Park a more vibrant community,” said Brian Cheripka, Vice President of Land for iStar, who oversees the redevelopment of the waterfront. “This project will help set the stage for larger development projects along the waterfront.”

K. Hovnanian® currently plans to develop luxury two, three and four-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. Located along Grand Avenue, the new community is blocks from the ocean and the historic Asbury Park boardwalk and adjacent to the growing central business district with its entertainment, shopping and dining options. Interested prospective buyers are encouraged to sign up for information on this new community and other forthcoming announcements at www.asburyparkwaterfront.com.

About iStar Residential

iStar Residential is one of the largest investors in luxury condominium, multifamily and master- planned residential developments throughout the United States, having financed and invested in $10 billion of residential projects since 1993. The iStar Residential portfolio has included interests in over 18,000 condominium units in the nation’s top markets and 65,000 acres in master-planned communities having the potential for an estimated 50,000 single family and multifamily units. The Company’s unique, fully-integrated platform extends from property entitlement and development to construction, bridge and long-term financing through asset servicing, property and portfolio management.

iStar Residential is a division of iStar Financial Inc. (NYSE: SFI), a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust (“REIT”), has invested more than $35 billion over the past two decades. Additional information on iStar Financial is available on the Company’s website at www.istarfinancial.com.

About Hovnanian Enterprises, Inc.

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade names K. Hovnanian® Homes®, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes and Oster Homes. As the developer of K. Hovnanian’s® Four Seasons communities, the Company is also one of the nation’s largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company’s 2012 annual report, can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian’s investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

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