Condo Auction at The Beacon in Jersey City
Metrovest Equities has announced 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.
or more information on the June 27th auction and to view the available homes at pre-auction Open Houses, call 212-213-9770, email auctionrequest@sheldongood.com, or visit www.sheldongood.com/thebeacon.php.
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