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The Beacon To Auction Off Condos

JERSEY CITY-The 25 condominiums, part of the development's first phase, will be sold regardless of price in an effort to fast-track phase two sales.

By Alyson Grala | Updated on June 03, 2009

JERSEY CITY-Sheldon Good & Co. Auctions N.E. LLC will auction off 25 one- and two-bedroom luxury condominiums at Metrovest Equities’ Beacon residential development here, as part of a proactive approach to closing out the community’s first phase of 315 homes, which is approximately 80% sold and occupied.

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.

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