Condos for Auction at The Beacon in Jersey City, NJ

Metrovest Equities announced today that Sheldon Good & Co. Auctions N.E., LLC will auction off 25 one- and two-bedroom luxury condominiums at the landmark Beacon residential development in Jersey City, NJ 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 aggressive move will also allow the Manhattan-based developer to accelerate the opening of The Beacon’s second phase of half- and full-floor live/work lofts situated in the 17-story Mercury building where construction is progressing rapidly.

The auction will be conducted by Sheldon Good & Company Auctions Northeast, LLC, America’s leading real estate auction marketing firm, on June 27, 2009 at the Hyatt Jersey City, located just minutes from The Beacon. Registration begins at 11:00 a.m. with the auction commencing at 12:00 noon. Twelve of the homes will be sold “Absolute” regardless of price. Suggested opening bids will range from $150,000 to $250,000 for architecturally-distinctive residences that were originally priced from $380,000 to $700,000 — representing historic opportunities for interested buyers.

“With approximately 80% of The Beacon’s first phase not only sold but closed, it’s fair to say that we’ve enjoyed a level of success very few residential developments can claim in today’s marketplace,” states George Filopoulos, President of Metrovest Equities, which has already completed the first two buildings and 45,000 square feet of amenity space at the award-winning art deco landmark and is well underway on a third building. The Beacon will ultimately comprise ten buildings containing 1,200 luxury residences and 80,000 square feet of retail space.

“As the developer, I take great pride in seeing our ambitious vision of creating the region’s most unique, architecturally-significant, amenity-laden and value-driven condominium community come to fruition. Our goal was to create a dynamic neighborhood setting teeming with resident interaction, and to the nearly 500 people currently living there, The Beacon is just that. With our next phase of homes, The Mercury Lofts at The Beacon, nearly ready to be unveiled, we decided to utilize an accelerated marketing program to sell the remaining available residences in the first phase. 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. The auction will cut months off of our current marketing program, resulting in considerable savings that will be passed on to the buying public through discounted pricing.”

Sitting high atop the Palisades Ridge near Jersey City’s vibrant downtown district, The Beacon represents a $350 million conversion that is currently the largest residential restoration project in the country and the largest in the history of New Jersey. The historic grandeur of the buildings’ dramatic interior spaces has been immaculately restored by refurbishing and preserving the original chandeliers, marble and terracotta flooring, brass elevator door surrounds and windows. The addition of modern amenities and services has helped foster an exclusive resort lifestyle within an historic Art Deco landmark complemented by dramatic views of the New York City skyline and surrounding cityscape.

“The Beacon is unquestionably one of the most exciting residential projects ever to be developed along the Gold Coast of New Jersey,” said Lawrence Samberg, managing Director of Sheldon Good & Company.”

“Because it offers such a wide diversity of amenities, The Beacon affords residents not just a sumptuous home, but a luxurious lifestyle in a restored old-world ambiance that reflects the historic grandeur of yesteryear,” noted Mr. Jeffrey L. Hubbard, Executive Managing Director of Sheldon Good & Company Auctions.

The Beacon’s initial phase of uniquely-designed 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 each other and are joined by a dramatic two-story lobby with a 24-hour doorman and Club Aqua, the development’s exclusive 45,000 square-foot amenity center. Club Aqua features an indoor pool, an Aqua Grotto lounge with hot tubs, his/her saunas and steam, social sauna and treatment rooms; a yoga studio, fitness center, juice bar, screening room and a children’s playroom. 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.

Residents also enjoy private concierge service, valet parking and convenient shuttle service to PATH trains and ferries to Manhattan, while The Beacon Express, an onsite market offering prepared foods, fine cheeses, mouthwatering desserts and assorted conveniences, recently opened its doors.

The Beacon’s loft-like condominium residences feature an abundance of upscale finishes and appointments, and many of the homes offer sweeping views of the Manhattan skyline, the harbor and beyond. The spectacular residences are distinguished by outstanding detailing and finishes and soaring ten-to-twelve-foot-high ceilings. Spacious kitchens feature Pietra Cardosa stone countertops, glass backsplashes, full-height pantries and stainless steel appliances, while bathrooms boast elegant marble and premium finishes and fixtures. All homes offer a Bosch washer and dryer and are pre-wired for multi-phone lines, high-speed internet and digital TV.

For more information on the June 27th auction and to view the available homes at pre-auction Open Houses, call 212-213-9770, email [email protected], or visit www.sheldongood.com/thebeacon.php.

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