iStar Residential announced its new ticker symbol, STAR, which will begin trading on the New York Stock Exchange, the company announced in a press release.

"Our new ticker is a reflection of the significant progress we've made over the past few years and the opportunities that lay ahead," said Jay Sugarman, iStar's chairman and CEO.

In addition, the company recently signed an agreement with K. Hovnanian Homes to build luxury townhomes in Asbury Park, N.J.

"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," Sugarman added.