real estate news

Full-Service Development

The 17-story, historic art deco building was originally designed for 104 condominium homes before being reconceived as a new concept in loft living, according to Metrovest Equities, which is undertaking the landmark conversion of The Beacon with layouts that offer from 2,994 to 6,665 square-feet of living space coupled with a 10-story mixed-use development that will ultimately comprise 1,200 luxury residences and 80,000 square feet of retail and commercial space -- currently the largest historic residential restoration project in the country and the largest in the history of New Jersey.

“Introductory prices start at $885,000," said George Filopoulos, President of Metrovest Equities. "That translates to under $300 a square foot -- an unprecedented value in today's market. Thus, we expect the newly converted building to draw strongly from Manhattan and Brooklyn where comparable loft apartments would cost around $3,000,000, as well as from the entire state of New Jersey." According to Metrovest, buyers will also benefit from the fact that MetLife Home Loans, a division of MetLife Bank, NA, has approved The Mercury Lofts for mortgage financing, a critical stamp of approval from a credible national lending institution that triggers the availability of numerous mortgage programs, competitive interest rates and a level of confidence due to the success of The Beacon's first phase.

“In addition, the redesigned interior space is flexible enough to accommodate the living and working requirements of any entrepreneur, artist, photographer and craftsperson -- or, for that matter, anyone who just prefers true loft living," noted Filopoulos, adding that The Mercury Lofts at the Beacon is situated on Jersey City's highest elevation which combines with the building's 17 stories to offer incomparable views of the Manhattan skyline and the surrounding cityscape -- an unusual high-rise amenity for loft residences. "Being able to choose either a half- or full-floor layout lends itself to almost any design you can envision. That all this is available in a full-service, high-rise condominium in a community with incomparable amenities only adds to the building's exceptional appeal." Furthering its full-service development, residences combine the space attributes of loft living with the luxury and services of a high-end hotel. Layouts include 13-foot-high ceilings, polished cement floors, exposed spiral ductwork, fully sheet-rocked and painted walls and abundant windows that bathe the homes in natural light and maximize the sensational views. Some homes have huge outdoor terraces that extend the living space outdoors. Gourmet kitchens provide Wenge wood-textured cabinet doors with stainless steel hardware, stainless steel sinks with designer faucets, Gallo granite countertops and state-of-the-art appliances from such high-end names as Bosch, Sub-Zero and Fisher & Paykel, while master bathrooms offer sumptuous appointments, cast-iron Kohler tubs, enclosed stall showers and marble bath fixtures and vanity tops.

“Residents will also have full access to The Beacon's existing incomparable amenities which include Club Aqua -- an unprecedented destination for leisure time featuring 45,000 square-feet of resort-like amenities including an indoor pool, a Grotto lounge with hot tubs, his/her saunas and steam, social sauna and treatment rooms; a yoga studio, fitness center, lounge screening room and a children's playroom," said Mr. Filopoulos. "There's also a restored Art Deco theater/event space with catering kitchen, a rooftop sundeck, poker room, a reading gallery and a magnificent billiards hall -- all located down the hall from your home." Lastly, white glove services include valet parking and ultra convenient shuttle service to PATH trains and ferries to Manhattan, while a nail salon and The Beacon Express, an onsite market offering prepared foods, fine cheeses, mouthwatering desserts and assorted conveniences, recently opened their doors. In addition, The Mercury Lofts will feature Prohibition at the Beacon," a speakeasy-themed bar and lounge for its members-only residents, opening March, 2010.

Now, quite obviously, all of the amenities that make up the Beacon's full service development will no be available in all markets across the country but it's the concept that can translate to any area – as long as the consumers are asking for it.

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