(To read more on the multifamily market, click here.)

JERSEY CITY-The highest purchase price ever paid for a high-rise condo residence in this city has been recorded at the Beacon, Metrovest Equities’ mixed-use project here. According to George Filopoulos, president of the New York-based Metrovest, a private buyer is paying $2.3 million for the two-story, top-floor home in the project’s Capitol building. The three-bedroom unit totals 3,195 sf of interior space and 2,100 sf of additional outdoor terrace space.

With the sale, the first two buildings of the downtown-located Beacon are 85% sold out, Filopoulos says. “Many of the buyers, of course, are Manhattan residents who find our prices very appealing,” he says. “The market has confidence in the Beacon.”

The 315-unit first phase buildings, the Rialto and Capitol, are both named after famous theaters. Occupancy is slated for June, and work is set to start shortly on building three, the Mercury, with spring 2008 occupancy projected. Altogether, the Beacon is slated to build up to 10 buildings with 1,200 luxury condos and a retail component of 80,000 sf.

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