The move will allow the Manhattan-based developer to accelerate the opening of the Beacon's second phase of 25 half- and full-floor live/work lofts situated in the 17-story Mercury building, Metrovest president George Filopoulos, tells GlobeSt.com.
The Beacon will ultimately comprise ten buildings containing 1,200 luxury residences and 80,000 square feet of retail space. Metrovest has already completed the first two buildings as well as 45,000 square feet of amenity space, and construction on a third building is currently underway.
"With our next phase of homes, the Mercury Lofts, nearly ready to be unveiled, we decided to utilize an accelerated marketing program to sell the remaining available residences in the first phase," Filopoulos explains. "This is not a distress sale, but a sophisticated approach to reinforcing value for prospective buyers through competitive bidding that will capitalize on the tremendous success the Beacon has enjoyed to date."
According to Filopoulos, the auction will cut months off of Metrovest's current marketing program, resulting in considerable savings that will be passed on to the buying public through discounted pricing. However, we're told that the actual cost savings are difficult to determine at this point.
The Beacon's initial phase studios, one- and two-bedroom homes--including the residences to be offered at auction--are located in the Rialto and Capitol buildings, which are situated adjacent to one another and joined by a two-story lobby.
With the Mercury Lofts up next for sale, Filopoulos tells GlobeSt.com that there's no talk whatsoever about making them rentals. The auction will take place in late June at the Hyatt Jersey City, with suggested opening bids ranging from $150,000 to $250,000 for residences that were originally priced from $380,000 to $700,000.
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