Mercury Lofts — the latest phase in developer George Filopoulus’
Beacon project at 50 Baldwin Avenue between Montgomery Street and Mill
Road — is offering deals of $325 per square foot for half-floor units,
the Post reported. Initial plans for the 18-story Jersey City condo
called for 103 units in the Art Deco conversion building, but
Filopoulus later decided to turn the project into 25 colossal units
after the market went south. “Everyone will make money off this… except
me,” he said. Eight units have contracts out, and closings are set to
start in August. [Post]

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When development group Metrovest Equities first envisioned the 17-floor Mercury Lofts condominium building in Jersey City, it pictured its restoration leading to a 104-unit tower, a perfect companion to the Rialto and the Capital, the two other buildings in the Beacon condominium cluster. But Mercury Lofts, which recently launched sales, doesn’t exactly reflect the original plans, according to George Filopoulos, president of Metrovest. “We were about 50 percent through the restoration,” Filopoulos said. “What we did was, we stopped construction, we asked ourselves, ‘do we want to have inventory that’s similar to other condos [in Jersey City]?’” [more]