Jersey City developer switches game plan mid-job at Mercury Lofts
October 21, 2009 01:00PM By Amy Tennery
A rendering of a unit in Mercury Lofts
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]?'"
And that's how the Mercury ended up with just 25 floor-gobbling units.
Introductory prices on the lofts -- each of which is either a full-floor unit or a half-floor unit -- are below $300 per square foot, according to Filopoulos. He said that while many developers are fighting to create smaller, less expensive units to put on the market, Jersey City values allow him to make larger units that he believes will still sell.
"We created an alternative for buyers who, at this price point, would be facing a typical one-bedroom apartment in Manhattan," Filopoulos said.
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Comments
Anonymous
lowest price is 885K to live in what is essentially a compound surrounded by slums. Who's in?......... what a joke
Comment #1 Posted By: Anonymous 10/21/09
Anonymous
George Filopoulos is one of the smartest developers in recent New York history and one of the only developers that actually takes pride in his work.
Comment #2 Posted By: Anonymous 10/21/09
Anonymous
These units are humongous, not to mention luxurious. There isn't anything comparable anywhere in the area and I think its a smart move by Metrovest. Its right across the river from NYC and there's bound to be at the very least a niche market for units this big at this price point.
Comment #3 Posted By: Anonymous 10/28/09
Anonymous
Maintenace fees = .62 per square foot. On a 5000 sq ft unit that is $3,100 a month. Plus taxes at about 1.25% times the sales price. Now that is a joke!
Comment #4 Posted By: Anonymous 11/20/09
Anonymous
Having lived in Jersey City for many years I can say that its an ambitious effort and good for the community, BUT, luxury condos in a neighborhood that is short of being in the ghetto for such a high price and carrying charge?? Buyer beware...these shd be selling for 100 something a foot...
Comment #5 Posted By: Anonymous 12/05/09
Anonymous
Hahaha!! You poor, poor Americans. This is how Americans have become poor. Spend, spend, spend! Smallest unit: about 3,000 sq ft. $900k in a slum. $2,000 a month in maint + $800 a month in taxes. So, you have to make $5,000 a month just to pay for that. Add, another $5,000-7,000 for personal monthly expenses and about $3,000 a month for the mortgage, if you make about $300k a year pre tax, you won't save a dime! And finally, its in the armpit of America: smelly New Jersey.
Comment #6 Posted By: Anonymous 02/06/10