(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.