Crystal Point

After launching sales roughly two years ago, the 269-unit Crystal Point condominium in Jersey City is 60 percent sold, according to developer Fisher Development Associates. The building began closings about six months ago, with roughly 50 percent of the units closed. Asking prices for the one-, two- and three-bedroom units start in the mid-$500,000s. Despite this good news, sales have not always been smooth for Crystal Point. The development was granted its second tax abatement in the summer of 2009, following sluggish sales. The Marketing Directors are handling sales at the building. TRD

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Boutique commercial brokerage TerraCRG has moved its operations to a new office at 592 Pacific Street in Downtown Brooklyn. Meanwhile, move-ins have begun at the Crystal Point development in Jersey City, and the Alliance for Downtown New York is installing five new public art works at Lower Manhattan construction sites. Click here for more. [more]

From the November issue: After the binge comes the purge. The condo auction market is heating up in Jersey City, as developers look to move the glut of apartment inventory amassed during the heady building boom in recent years. Distressed sales of properties are also expected to accelerate in the area, with lenders increasingly looking to wipe their hands clean of troubled mortgage loans. The urge to purge is the fallout from a frenzied period of condo construction in Jersey City — a stone’s throw from Wall Street — where about 5,000 new units came on the market at premium prices, sources estimate. Condo prices in Jersey City, which saw a steep run-up during the boom, have dropped between 15 and 25 percent since the height of the market in 2006, experts estimate. Meanwhile, the number of condos closing today in Jersey City is down about 45 percent compared to the peak of early 2007, according to the Marketing Directors, which sells new developments in markets across the country, including Jersey City.