Jersey City developer switches game plan mid-job at Mercury Lofts

TRD New York /
Oct.October 20, 2009 07:10 PM

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.


Related Articles

arrow_forward_ios
30 Hudson Street in Jersey City and WeWork CEO Sandeep Mathrani (Wikipedia)

WeWork scores big lease at Goldman Sachs’ Jersey City office tower

WeWork scores big lease at Goldman Sachs’ Jersey City office tower
Loew’s Theater at 54 Journal Square Plaza in Jersey City and Jersey City Mayor Steve Fulop (Google Maps, Getty)

Jersey City moves forward with $40M renovation of Loew’s Theater

Jersey City moves forward with $40M renovation of Loew’s Theater
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Jersey City mixed-use project lands $120M in financing
Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?
Results are in from Jersey City Airbnb referendum

Airbnb deflated as Jersey City voters tighten rental rules

Airbnb deflated as Jersey City voters tighten rental rules
 Newport Centre 4 at 545 Washington Boulevard and Richard LeFrak (Credit: Google Maps and Getty Images)

LeFrak looks to sell another Jersey City office building

LeFrak looks to sell another Jersey City office building
Jersey City Mayor Steve Fulop (Credit: Getty Images)

Jersey City mayor’s ally is subject of grand jury inquiry into tax evasion

Jersey City mayor’s ally is subject of grand jury inquiry into tax evasion
From Left to Right: Tower on Grove Street reaches stabilization milestone, Toll Brothers to market Hoboken spec office, Cross River pens Fort Less off-market trade, KRE Group inks Bayonne construction loan

Jersey City’s 90 Columbus hits leasing milestone, Toll Brothers markets spec office building in Hoboken & more North Jersey real estate news

Jersey City’s 90 Columbus hits leasing milestone, Toll Brothers markets spec office building in Hoboken & more North Jersey real estate news
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...