The Beacon

[MCA™]

Another Way for Condos to Go Green
By ANTOINETTE MARTIN
Published: July 16, 2010

THE famous Jersey tomato — known for its delectability, and its ubiquity (seemingly no back garden is complete without a Big Boy or a beefsteak) — is about to make its debut as an amenity at a high-rise condominium complex.

The Jersey City tomato, if you will.

At the Beacon complex in that densely populated city, a community garden with 72 plots is being sectioned off near the community dog run. Starting this month, residents can ride down the elevator, grab tools from the shed, and grow their own.

“Tomatoes. Herbs. Fruits, vegetables, flowers — whatever they want, actually,” said Alan Rubin, a nurseryman from Belleville who will serve as the garden consultant and adviser. “I’m sure everybody will start with a tomato, though,” he added with a laugh, “since this is Jersey.”

Jennifer Finotti, who lives in the Rialto building at the Beacon with her fiancé, Scott Sheppard, announced her intention to grow tomatoes, cucumbers and other “salad vegetables” — as well as hydrangeas for her wedding next spring — even though she has no gardening experience.(more)

[wibbit]

this is a great idea, they should offer the new children area to the local kids next door in the projects. The beacon residents always prided themselves on being with the local people and neighborhoods, what's more local then to let the beacon kids and those living right outside play together!

[Soshin]

I can see this working (having a daycare onsite, etc).  However, I wouldn't go there unless there is on site parking, behind a gate, with a security guard. 

There is.

The tax abatement vote at the last council meeting was actually for an office block they are building as part of the old JCMC make-over..

Most of the Beacon folks have met so far are young single professionals, there are a few families but I think they are in the minority, however as you are a spit from Lincoln Park and LCCS and the TECCS, there are a growing number of families in the hood.  Mine included.

[jehu]

Probably going to be part of the Abbott project anyway... 

[myprettypony]

I can see this working (having a daycare onsite, etc).  However, I wouldn't go there unless there is on site parking, behind a gate, with a security guard. 

[TheFang]

...work is underway on BeKids (http://www.thebeaconkids.com), a 66,000-square-foot retail building at The Beacon which is being converted into a children’s destination. It will include an early-childhood education center, gymnastics and sports camps and a kids-oriented family restaurant.

Odd.  My image of Beacon residents did not include families with kids. 
Am I mistaken?
And I can't imagine the gated Beacon being especially welcoming to the neighborhood children, either.

Do they have some sort of tax abatement up for a vote?
Or am I just a cynic?

It probably doesn't have a huge number of families with children in them, but I think they're so desperate for anyone to live there that they figure that's who they'll court next. Going after rich single people who want to spend all their free time in the city didn't work out so well for them...

[Binky]

...work is underway on BeKids (http://www.thebeaconkids.com), a 66,000-square-foot retail building at The Beacon which is being converted into a children’s destination. It will include an early-childhood education center, gymnastics and sports camps and a kids-oriented family restaurant.

Odd.  My image of Beacon residents did not include families with kids. 
Am I mistaken?
And I can't imagine the gated Beacon being especially welcoming to the neighborhood children, either.

Do they have some sort of tax abatement up for a vote?
Or am I just a cynic?

[MCA™]

Buried in a puff piece about more closings at The Mercury Lofts:

The Mercury Lofts will also feature "Prohibition at the Beacon," a speak-easy-themed bar and lounge for members-only residents, opening mid-2010. Meanwhile, work is underway on BeKids (http://www.thebeaconkids.com), a 66,000-square-foot retail building at The Beacon which is being converted into a children’s destination. It will include an early-childhood education center, gymnastics and sports camps and a kids-oriented family restaurant.

[MCA™]

The Beacon's new Mercury Lofts makes a cameo this weekend's NYT Real Estate section: The Bonus Bounce.


...And so it is with much of the New York-area market, from downtown lofts to Hamptons mansions. With the outsize bonus returning to Wall Street this year, brokers and sellers are holding their breath. For the past few months there have been signs that the market is reawakening, and an infusion of “banker cash” could be just the catalyst it needs to spark a full-fledged recovery.

But just how powerful a force the bonus money will be is still in question. For all the bankers showing up at open houses, deal after deal seems to be in limbo, its fate hinging on bonus money, as with the penthouse at 1055 Park.

“The bankers are back,” said Pamela Liebman, the president of the Corcoran Group. But, she said, this year the effect is “more about the confidence than the cash.”

By that she means that reports of large bonus pools at Wall Street firms have contributed to an overall sense among prospective buyers that things are getting better, not worse. And brokers say that the rise of the stock market last year, along with very low mortgage rates and prices that have sunk a good 20 to 25 percent below 2007 highs, had already started to calm the nerves of buyers at all income levels. Now there is a growing sense that the best deals will be history once the bonus buyers start signing contracts.

In one indication of increasing interest in higher-end properties, searches for listings of New York City homes priced above $2 million and above $5 million on the real estate search engine Trulia.com have grown significantly. In December 2009, the latest full month for which figures were available, searches for homes over $2 million grew 24 percent compared with December 2008. Searches for homes priced above $5 million increased 13 percent over the same period.

No one expects a return to the days when a banker, bonus in hand, went out, looked at five fancy properties in a day and picked one. Brokers say that Wall Street clients are much more careful in their shopping and deal-making these days — and that, like everyone else, they are looking for bargains.

[snip]

Stephen Seremetis, 37, an executive director of investments at Oppenheimer & Company, is in contract to buy a 2,994-square-foot loft in a new Jersey City development called Mercury Lofts at the Beacon. The space has a 60-foot living room, 20 windows and, he says, “phenomenal views” of the Statue of Liberty and the Manhattan skyline. (Amenities in the complex include a Bloomberg box, a clear sign that the place is catering to the Wall Street set.)

Mr. Seremetis said he was content with his bonus this year, but he stressed that it was not his only reason for buying. Instead, he said, after a year of searching in Manhattan, New Jersey and Long Island City, he became convinced that prices had fallen as low as they were going to go.

“It’s more the value now,” he said. “Real estate has bottomed out, and it’s time to step in.”

Mr. Seremetis paid under $1 million, he said, for a half floor of space — a bargain by Manhattan standards.

[MCA™]

NYT:


In Jersey City, Not Your Run-of-the-Mill Condo
By ANTOINETTE MARTIN
Published: December 4, 2009

“I know there is something I would rather be doing than trying to sell another 104 condos in this market,” George Filopoulos recalled saying to himself drearily last winter, as work on the third tower at the immense Beacon complex approached the halfway point.

Then, suddenly, he saw it: There was something radically different that could be done, and it might be worth the gamble; the project instantly changed shape in his mind.

It is now 10 months later and that third tower is on the market, but offering just 25 units — really huge live-work loft units, all with panoramic views and private or semiprivate elevators.

Metrovest Equities, the development company that Mr. Filopoulos heads, has completed work on a full-floor model apartment at the building, which is now called Mercury Lofts at the Beacon. The apartment is 144 feet long, has 6,600 square feet of space, 24 extra-large windows, and a 2,300-square-foot terrace. Half the unit was finished as living space and half left to be customized as possible work space with a separate entrance.

The building has three banks of elevators, which had already been installed when the Mercury Lofts idea took shape, so each single-floor unit has three possible entry points.

The lofts went on the market in late October at the top of the price range for New Jersey’s Hudson riverfront area. A half-floor loft is priced at $880,000; a whole floor is $1.76 million.

With the condo market still generally considered to be limping along, are there buyers out there for these soaring spaces at sky-high prices?

“It’s a gamble,” Mr. Filopoulos said. “But we wanted to do something fresh and exciting. And compared to Manhattan, this pricing is an amazing bargain. If you could even find something like this in Manhattan, and that is certainly problematic, the cost would be double, or maybe more.”

The developer, whose company is based in Manhattan, estimated that a one-bedroom apartment in the city would cost about the same as one of the eight 3,000-square-foot half-floor lofts being created at the Mercury. And in Manhattan, such space would not possess equivalent amenities. The Beacon has a large theater, restored in historical detail; a spa with his-and-hers steam rooms, Jacuzzis, and fitness and dance space; and valet parking for all residents.

Mr. Filopoulos and a few other area developers assert that high-end buyers are returning to the market. They also say that while the supply of midprice condos is swollen, there is less of a surfeit at the top end.

After Lehman Brothers collapsed a little over a year ago, said Benjamin D. Jogodnik, a director of Toll Brothers’ City Living division, sales “pretty much ceased” for a couple of months at his company’s high-end developments in Hoboken: Maxwell Place, Hudson Tea and Harborside Lofts. In March, the pace of sales began to pick up slowly for the lower-priced units, in the $600,000-to-$700,000 range.

By June, he said, the “million-dollar buyer was back,” and just recently, both the model apartment at the first building in the Maxwell and the penthouse at Harborside Lofts sold. “Sixty percent of our sales in the last six months have been for prices of $1.1 million to $1.6 million,” Mr. Jogodnik added.

At the Beacon, which is set back from the riverfront on a hill off Montgomery Street, prices have until now been set well below those at riverfront buildings in Hoboken, although maintenance fees tended to be higher.

The first tower in the 10-building conversion project, completed in 2006, sold out rapidly. The sales pace at the second tower, completed in late 2007, was also brisk, the developer recalled, until “hitting a wall.” Actually, several walls: the housing finance debacle; the Wall Street debacle (especially the collapse of Lehman, which had a significant presence here in a city then known as “Wall Street West”); and, ultimately, severe recession.

Admittedly in some desperation to get sales moving in the early months of this year, Mr. Filopoulos decided to sell units at the second tower, called the Rialto, in a “close out” auction — with minimum bid prices set at about half the original asking prices.

More than 30 units sold in a few hours at the auction held in July, fetching prices that MetroVest found “respectable.” A half-dozen other area developers quickly copied the auction idea.

It was around that time that Mr. Filopoulos decided to scrap his initial plans for the Mercury. “The walls were up,” he said, “and my construction manager and I were standing there in the structure, and suddenly he said: ‘You know what? You keep saying you don’t want to be putting any more regular condos on the market right now. How about some really incredible lofts?’ ”

Something clicked. Looking up at the 13-foot ceilings, gazing around him at enough space on a single floor for a small warehouse or retail store, Mr. Filopoulos seized on the notion.

It would cost much less to finish the 17-story building as lofts rather than conventional condos. If artists and entrepreneurs were attracted to the lofts for live-work space, it would add “liveliness” to the Beacon community of more than 500 residents.

This month, Mr. Filopoulos said, he has talked with two potential buyers interested in full-floor units, even though the lofts have been fitted out only up to the fifth floor so far.

One buyer asked to have plans sketched out for an apartment with an adjoining fitness spa and entertainment center, including a simulated putting green. Another expressed interest in using some portion of the space to house a gallery for private customers.

[MCA™]

Maybe the Crystal Point folks should have gone this route:


Condos' auction prices are three times lower
Thursday, June 18, 2009
By TOM SHORTELL
JOURNAL STAFF WRITER

A batch of luxury condominiums in Jersey City will go on the auction block this month, as the developer struggles to sell units in this faltering economy.

Metrovest Equities, the developer of The Beacon, will put 25 one- and two-bedroom condos for the complex's Rialto-Capitol buildings up for auction June 27.

The suggested bidding range is $120,000 to $250,000, said George Filopoulos, Metrovest president. The units were originally $380,000 to $700,000, according to a press release.

Even though there's a suggested range, Filopoulos said Metrovest will accept whatever it gets, with 12 of the units in an "absolute auction." The company might set minimums after the first 12 units are sold, he said.

Filopoulos, who said consultants convinced him to put the units up for bid, isn't sure what to expect from the open auction. But he said not setting a bidding floor for the 12 units is "a good way to get participation."

The goal is to sell the last 315 units at the Rialto-Capitol so the next phase of renovations move forward, he said. As much as 90 percent of the condos were sold before renovations at the Rialto-Capitol were completed in 2007, but about half of the buyers backed out, mostly due to problems securing financing, Filopoulos said.

The sale of the last 25 condominiums will allow Metrovest to focus its sales efforts on The Mercury, which will have up to 25 luxury lofts in a 17-story building. Those live/work units will be between 3,000 and 6,000 square feet.

The auction will be held at the Hyatt Regency on Exchange Place. Registration begins at 11 a.m., with the auction starting at noon.

[Isilme]

I bid four bucks, a button from a Mad Gringo shirt that's been to Belize and a sleeve of promotional golf balls.

I see you have topped my bid of Starlog Issue #3 and a wooden Vulcan nickel.   :'(

[bdlaw]

I bid four bucks, a button from a Mad Gringo shirt that's been to Belize and a sleeve of promotional golf balls.

[MCA™]

NYT:


IN THE REGION | NEW JERSEY
Luxury Condos, All Bids Considered
By ANTOINETTE MARTIN
Published: June 12, 2009

THE Beacon in Jersey City seems to have a record for setting records and establishing superlatives.

Created from the towering Art Deco buildings of the city’s former medical center, it is — according to officials at the national historic tax-credit program — the largest residential restoration project currently under way in the country. State preservationists say it is one of the largest historical restoration projects ever undertaken in New Jersey. And a couple of years ago, developers said, the Beacon became the first condominium building in Jersey City to sell a unit for more than $2 million.

Now, its developer has announced that the Beacon will be the first high-end complex in the Hudson River area to auction units.

In what is being billed as a “closeout” auction, 25 one- and two-bedroom units in the first two towers to be restored are to be auctioned on June 27. Original prices ranged from $380,000 to $700,000; suggested starting bids are $150,000 to $250,000.

At the auction, which is to be held at the Hyatt Regency Jersey City, a few blocks down Montgomery Street, 12 units will be sold “absolute” — that is, regardless of the suggested starting bid.

Based on how things are going after the first dozen condos are sold, said the Beacon developer, George Filopoulos of Metrovest Equities, he will decide what to do next: sell some or all of the 13 remaining units at whatever “absolute” price they attain during the course of the auction, or set a minimum acceptable price. “At first I was a little shocked by that absolute-price idea,” he said. “After all we put into this!”

But then auctioneers from Sheldon Good & Company, which is conducting the sale, convinced Mr. Filopoulos that “if you are confident in your product, absolute pricing is the best way to draw as many participants as possible,” he said.

It is the way to establish what marketers call “price discovery,” he added. (more)

[MCA™]

25 Luxury Condos Go Up for Auction at The Beacon in Jersey City, NJ

Historic Opportunities For Buyers As 12 Homes Will Be Sold Absolute Regardless Of Price

JERSEY CITY, N.J., June 1 /PRNewswire/ -- Metrovest Equities announced today 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.

"As the developer, I take great pride in seeing our ambitious vision of creating the region's most unique, architecturally-significant, amenity-laden and value-driven condominium community come to fruition. Our goal was to create a dynamic neighborhood setting teeming with resident interaction, and to the nearly 500 people currently living there, The Beacon is just that. With our next phase of homes, The Mercury Lofts at The Beacon, nearly ready to be unveiled, we decided to utilize an accelerated marketing program to sell the remaining available residences in the first phase. This is not a distress sale, but a sophisticated approach to reinforcing value for prospective buyers through competitive bidding that will capitalize on the tremendous success The Beacon has enjoyed to date. The auction will cut months off of our current marketing program, resulting in considerable savings that will be passed on to the buying public through discounted pricing."

Sitting high atop the Palisades Ridge near Jersey City's vibrant downtown district, The Beacon represents a $350 million conversion that is currently the largest residential restoration project in the country and the largest in the history of New Jersey. The historic grandeur of the buildings' dramatic interior spaces has been immaculately restored by refurbishing and preserving the original chandeliers, marble and terracotta flooring, brass elevator door surrounds and windows. The addition of modern amenities and services has helped foster an exclusive resort lifestyle within an historic Art Deco landmark complemented by dramatic views of the New York City skyline and surrounding cityscape.

"The Beacon is unquestionably one of the most exciting residential projects ever to be developed along the Gold Coast of New Jersey," said Lawrence Samberg, managing Director of Sheldon Good & Company."

"Because it offers such a wide diversity of amenities, The Beacon affords residents not just a sumptuous home, but a luxurious lifestyle in a restored old-world ambiance that reflects the historic grandeur of yesteryear," noted Mr. Jeffrey L. Hubbard, Executive Managing Director of Sheldon Good & Company Auctions.

The Beacon's initial phase of uniquely-designed studios, one- and two-bedroom homes -- including the residences to be offered at auction -- are located in the Rialto and Capitol buildings which are situated adjacent to each other and are joined by a dramatic two-story lobby with a 24-hour doorman and Club Aqua, the development's exclusive 45,000 square-foot amenity center. Club Aqua features an indoor pool, an Aqua Grotto lounge with hot tubs, his/her saunas and steam, social sauna and treatment rooms; a yoga studio, fitness center, juice bar, screening room and a children's playroom. There's also a restored Art Deco theater/event space with catering kitchen, a rooftop sundeck, poker room, a reading gallery and a magnificent billiards hall.

Residents also enjoy private concierge service, valet parking and convenient shuttle service to PATH trains and ferries to Manhattan, while The Beacon Express, an onsite market offering prepared foods, fine cheeses, mouthwatering desserts and assorted conveniences, recently opened its doors.

The Beacon's loft-like condominium residences feature an abundance of upscale finishes and appointments, and many of the homes offer sweeping views of the Manhattan skyline, the harbor and beyond. The spectacular residences are distinguished by outstanding detailing and finishes and soaring ten-to-twelve-foot-high ceilings. Spacious kitchens feature Pietra Cardosa stone countertops, glass backsplashes, full-height pantries and stainless steel appliances, while bathrooms boast elegant marble and premium finishes and fixtures. All homes offer a Bosch washer and dryer and are pre-wired for multi-phone lines, high-speed internet and digital TV.

For 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 http://www.sheldongood.com/thebeacon.php

[MCA™]

JJ:


Beacon sticks to condos after all
Thursday, September 25, 2008
By KEN THORBOURNE
JOURNAL STAFF WRITER

The government's recent takeover of mortgage giants Freddie Mac and Fannie Mae is apparently already reversing the fortunes of one Jersey City developer.

Metrovest Equities, the New York company that's converting the old Jersey City Medical Center into a residential complex, announced yesterday it's withdrawing its application to the City Council to change its next six tax abatements from condos to rentals.

"Our intent all along was to continue to develop and market the Beacon as a world-class condominium development that has enjoyed tremendous sales success," George Filopoulos, president of Metrovest Equities, said in a statement.

"The concept of applying for a new abatement came up in June when the sluggish housing market and subprime mortgage crisis made it very difficult to secure financing for future condominium development," he added.

"However, because of the length of the process and the recent positive changes in the lending market, we no longer need to travel down that road."

Filopoulos cited last month's government backing of Freddie Mac and Fannie Mae as a vital step toward a market recovery, evidence of which he said he is already seeing at the Beacon.

"We sold 90 percent of the first phase of 315 homes at the Beacon," he said. "After closing 75 percent of them, the remaining buyers were unable to obtain the necessary financing, and prospective buyers were faced with the same challenge. We virtually stopped marketing the homes for the next eight months.

"However, today's improved lending landscape for qualified buyers and the ability to obtain up to 95 percent financing led us to reintroduce the balance of the homes, and we've received an exceptional response from the public."

The existing abatements call for payments to the city of 12 percent of gross annual revenue for the next 30 years.

Money-wise, the difference between rental or condo abatements didn't make that much difference to the city, said Business Administrator Brian O'Reilly.

But, he added: "I prefer home ownership. Property owners become stakeholders in the community. They are less transient."

Ultimately, the Beacon will have 1,200 market-rate units with 80,000 square feet of retail space.

Freddie Mac and Fannie Mae now hold or guarantee about half the country's mortgages.

[TheBadGuyWins]

Was only a matter of time before this happened.

[MCA™]

On second thought. Beacon to go rental
Developer: Luxury condos a hard sell these days
Wednesday, September 10, 2008
By KEN THORBOURNE
JOURNAL STAFF WRITER

Saying banks won't finance condo projects in these rugged financial times, the developer rehabbing the old Jersey City Medical Center now wants to switch six abatement deals with the city from condos to rentals.

The length of each abatement would remain 30 years, George Filopoulos, president of New York-based Metrovest Equities and developer of the Beacon, told council members at their caucus on Monday.

But the percent of annual gross revenue paid to the city would change - probably amounting to a "couple hundred of dollars a year" less for the city, said Business Administrator Brian O'Reilly.

The $400 million Beacon - the nation's largest restoration project - is currently slated for 1,200 residential units in nine buildings.

The existing deals for the six buildings where renovations haven't started yet call for 12 percent gross annual payments to the city for 30 years. The proposed agreements call for 12 percent for the first 15 years and 14 percent for the next 15 years for three of the six buildings.

The other three buildings would pay 10 percent gross annual revenue for the first 10 years, 12 percent for the next 10, and 14 percent for the final 10 years, officials said.

Filopoulos insisted he's had no trouble selling 315 condo units at the more than 90 percent occupied Rialto-Capital buildings and said he intends to market and sell 103 units due to come on line next year at the Mercury as condos.

So once the six buildings are finished, Filopoulos said he intends to return to the city and redo the tax abatement deals as condos. "That's our profit center," he said.

Around the nation, single-family homes and condos are taking 11 months on average to sell, while the "absorption rate" for rentals is much quicker, said E. Robert Levy of the Mortgage Bankers Association of New Jersey.

In the meantime, Filopoulos acknowledged his architects are looking into ways to add rental units to the six buildings expected to receive the new abatements.

The six tax abatements are scheduled to be introduced at tonight's council meeting, at 6 p.m. at Middle School 4, 107 Bright St.

[MCA™]

GlobeSt.com:


Hospital Building Will Become 208 Condos
By Eric Peterson

JERSEY CITY-New York City-based Metrovest Equities has largely wrapped up the design phase for conversion of the 22-story, 255,000-sf Murdoch Hall on the former campus of the Jersey City Medical Center into condos, and has set a tentative date for the construction phase. That step, launching early next year with completion in 2010, will turn the building, renamed the Paramount, into 208 residential units with a full-floor basement gym. Plans also call for retention of an existing art deco theater.

The Paramount is part of the second phase of Metrovest’s conversion of the former medical center’s 10 buildings and two million sf into mixed uses, collectively called the Beacon. Metrovest got the nod for the project, expected to cost $350 million, from the Jersey City EDC in late 2003 and began the long-term planning a year later after the medical center was completely relocated to a new campus here.

The Paramount was the last of the medical center buildings to be completed, and like the others, all built during the Great Depression, features art deco design. It features terrazzo floors, marble lobbies, terra-cotta engravings and glass and brass railings, and its lobby has seen the shooting of a number of movie scenes. One of its primary uses was as nurses’ quarters.

"There is a tremendous amount of detail involved in preserving the art deco design throughout the building," says Lloyd Rosenberg, president and CEO of DMR Architects of Hasbrouck Heights, NJ, whose firm did the redesign work for the Paramount. "Metrovest has created a work of art at the Beacon. It’s really a beautiful complex and building, and an extraordinary historical undertaking."

Phase one, "which is nearly sold out," says a Metrovest spokesman, involved the conversion of three buildings into the renamed Mercury, Capitol and Rialto buildings. As reported by GlobeSt.com, the two-story, 3,200-sf condo on top of the Capitol building sold in early 2007 for a local record price for a high-rise residential unit at $2.3 million.

At build-out, the campus' 10 buildings will be turned into a total of 1,200 residential units. Also part of the plan are 80,000 sf of retail professional center and a 25,000-sf Club Aqua fitness center. Details of the build-out of the remaining half-dozen buildings haven’t been released.

[MCA™]

Another developer wants a revised tax deal
Builder on old JCMC land says financing tougher now
Ricardo Kaulessar
Reporter staff writer  |  08/01/2008
   
Just like other developers who've recently asked the City Council for a more favorable tax deal in these tough economic times, the developer of the Beacon at the old Medical Center would like a new tax agreement with the city.

The Beacon is a $350 million 1,200-condo project being developed by New York-based Metrovest Equities at the old Jersey City Medical Center property on Baldwin Avenue and Montgomery Street, a half-mile south of Journal Square.

The project currently has several 30-year tax abatements, allowing the developer to pay the city between 10 and 12 percent of gross annual revenue each year.

Tax abatements typically allow developers to work out a set schedule by which their tax money goes directly to the city, instead of also to the county and schools. In return, they are not subject to the fluctuations of regular property taxes.

George Filopoulos, a principal of Metrovest, confirmed last week that he is seeking a revision of the abatements. He cited the pressures of diminished financing from investors in a struggling real estate market.

Renting rather than owning
According to Filopoulos, the abatements would reflect the fact that more rentals are being built at the Beacon rather than condos, since financial lenders are looking to finance rental projects instead. But Filopoulos did not offer exact details as to how the abatements would change.

"Basically, it's financially driven and any lender, regardless of your project, in today's market needs to modify their financing," Filopoulos said.

Filopoulos said he met with city officials on July 24 regarding the revised tax abatements.

Deputy Mayor Rosemary McFadden said last week that there have been "preliminary discussions" with Filopoulos, but McFadden would not comment further.

The City Council would have to vote on the revised abatements.

Sources in city government said the abatements could be considered as early as the City Council meeting scheduled for Aug. 20.

A 'Beacon' of hope
The Beacon project will see the old 10-building medical complex transformed into 1,200 residential units, shops, a central courtyard, a dog run, a restaurant, and a grocery store over the next five to seven years.

At the present time, two of the former Medical Center's buildings have been renovated and transformed into 315 condo units known as the Rialto-Capital.

Filopoulos' attorney, Eugene Paolino, claimed that changes in the abatements have nothing to do with condo sales at the Beacon faltering in any way, noting that approximately 270 out of the 315 have been sold.

Paolino said, "It's not a Beacon issue, and it's not just a Jersey City issue. Every developer in this country is feeling the pressure because there is a credit and mortgage crisis, money is tight and lenders are not willing to finance condo-based projects."

Why lenders prefer renters
Paolino said that prospective condo owners, like homeowners, will be seeking a mortgage or they will be borrowing money from banks to finance their purchase at a time when banks are more hesitant to do so.

Income from homeowners is not as steady as rental income, Paolino said, so lenders prefer the latter.

The Beacon is not the only project requesting a change. In June, the City Council revised the initial 30-year abatement for the 551-unit Canco Lofts project on Dey Street near Journal Square. The developer of Canco Lofts, New York-based Coalco, said the change would help boost lagging sales of the condos.

Helping the developer
Back in January, the developers for the 47-story Monaco North and South buildings on Washington Blvd. sought a change to their initial tax abatement deal, citing increased construction costs.

The change called for 15 years rather than 20 years, and the annual service charge (a charge levied by the city against residential property exempted from conventional taxation) would be lessened from 14 to 12 percent of the annual gross revenue for the rentals.

The council voted against the change in January, saying the city would lose $6 million from the change.

But in May, the council approved the revised abatements.

City Councilman Steven Fulop voted against the change both times.

He said at the time, "If we open this Pandora's Box over here, we will be renegotiating every single tax abatement that we did."

But Fulop voted for the amended Canco deal, and said he'd listen to the Beacon's presentation.

City Councilman Bill Gaughan said last week, "The council has to make a decision, and that is we do not want to slow down the development in Jersey City."

[NON]

One word: ka-ching!

Totally - hello personal injury cash cow.

I also think the "Ouch!" in the JJ headline is massively douchey.

[jc_insomniac]

One word: ka-ching!

[MCA™]

Ouch! Woman burned by acid fluid at Beacon
Saturday, May 31, 2008
By LYSA CHEN
JOURNAL STAFF WRITER

A Jersey City woman was stripped, hosed down and rushed to the new Jersey City Medical Center Thursday after she was splashed and burned by chemicals being used to clean the old Medical Center building - which is now the Beacon condominium complex.

Mary Vallejos said an acidic product being used to clean the brick exterior near the top of the Beacon dripped onto her passing vehicle Thursday morning. When a car wash and sandpaper could not get the marks off the vehicle's windshield, she returned later that day to tell the building manager, she said.

Unable to find the manager, Vallejos said she walked to the Police Motorcycle Squad, located on the bottom floor of the building being cleaned, to file a report when she was splashed by the chemical on her face, neck, chest, right arm and right leg.

"It was like it was raining on me - and then it started to burn," Vallejos said yesterday.

Firefighters responding to the incident set up a portable shower next to the street to decontaminate Vallejos before taking her to the Medical Center, said Fire Director Armando Roman.

She was treated and released, JCMC spokesman Craig Schmalz said.

Firefighters also returned to the building yesterday to clean up residual acid on the street, Roman said.

Workers, who were spraying the building with an Enviro Klean product, were not using a tarp, Vallejos said, adding that there were no signs posted on the street and a worker, standing across the street in a full rubber suit, construction hat and face guard, did not warn her as she approached.

A representative of Metrovest, the company that is developing the Beacon, told firefighters the cleaning product was diluted with 90 parts of water and was not believed to be a "serious problem," Roman said.

Calls to Metrovest were not returned yesterday.

Work at the building has been stopped until a barrier is set up to prevent the chemical from drifting, Roman said, and the city Department of Health and Human Services will send an industrial hygienist Monday to examine the chemical and determine whether it is safe, city spokeswoman Jennifer Morrill said.

The federal Occupational Safety and Health Administration is also investigating how the cleaning product was used, an OSHA official said. The state Department of Environmental Protection was notified of the incident but is not conducting an investigation, according to DEP spokesman Larry Hajna.

The heavy duty restorative cleaner contains glycolic acid, used in some skincare products; ammonium bifluoride, used as a glass-etching fluid; lauryl dimethyl amine oxide, used as a dehairing agent in tanning; and cocoamido betaine, used in cement sealing.

The cleaner is relatively neutral compared to other cleaners but is still acidic, said Kevin Sigourney, a representative of PROSOCO Inc., which manufacturers Enviro Klean products.

The product label cautions users to wear protective gear, Sigourney said, and contractors using the products typically set up tarps.

[MCA™]

'Black Widow' breaks in Beacon's billiards room with amazing display
Saturday, February 09, 2008
By PAUL KOEPP
JOURNAL STAFF WRITER

Professional pool star Jeanette Lee wowed a crowd of about 50 residents of The Beacon Thursday night with a dazzling trick-shot demonstration.

The "Black Widow," dressed in black from head to toe - as usual - helped inaugurate the billiards room in the former main lobby of the old Jersey City Medical Center.

Lee, 36, a native of Brooklyn who became the world's top-ranked player in 1994, just a year and a half after turning pro, also took on a number of challenges from Beacon residents, and emerged unscathed.

"There's something about beating men that never gets old," Lee said, as she schooled Patrick Healy, a Jersey City firefighter and son of Mayor Jerramiah T. Healy.

Alex Stavrinoudis acted as a prop for one of Lee's trick shots, holding a piece of cue chalk with his teeth to steady a ball that she struck out of mid-air and into a pocket. Her performance was "phenomenal," he said. "We really have great events here."

Lee has suffered from severe chronic back pain since she was a child, undergoing nine surgeries, including the insertion of two 18-inch metal rods in her back.

She serves as a national spokesperson for the Scoliosis Association.

Still, she keeps up a busy schedule, traveling all over the world to compete and do exhibitions. Lee was impressed with the Beacon's billiards room, which features a bas-relief by artist A.G. Newman. "The room is beautiful. They've done some great things here."

A Beacon spokeswoman said the Rialto and Capitol buildings are about 80 percent full, with over 200 residents moved in, and a third building, the Mercury, will be open soon.

Beacon developer George Filopoulos was among those cheering Lee's every shot. Michael Cox said he was excited to be one of the residents who won a chance to play against Lee.

Asked if he was a fan of hers, he said, "I am now!"

[CeeDub]

An article on the Beacon in the Real Estate section of the NYTimes Jan 13 states 200 residents, 70 more Purchase Agreements signed, which is 90% - and Phase two to go on sale soon . . . !!!

[jcpeace]

that was a pro banana post....not an anti beacon one 

[NON]

go beacon!!!!

maybe if folks spent less time taking swipes at the Beacon and the people who choose to live there, and spent more energy working to oppose scumbags developers who aren't bold and innovative enough to adapt and reuse existing buildings, your condo association wouldn't be losing it's chic city views from the roofdeck.

 

[jcpeace]

go beacon!!!!

[NON]

So why is it almost completely blacked out at night when seen from the turnpike?

I drive by the Beacon almost daily, and usually after dark (at least in winter with the 4.30pm sunsets), and the two buildings currently occupied, the Rialto and the Capitol, are far from "almost completely blacked out". I would say on average when I am driving by it that lights are on in 1/3 to 1/2 of the units. The two occupied buildings also don't really show much from the turnpike, as they are blocked to the south and east by other buildings, and many of the units face in on the buildings opposite them.

[Soshin]

So why is it almost completely blacked out at night when seen from the turnpike?

Because silhouettes make easy targets for shooters. 

[bdlaw]

So why is it almost completely blacked out at night when seen from the turnpike?

[MCA™]

Beacon update from a JJ article about the state of real estate development on the Gold Coast:


"The good times are apparently still rolling at the Beacon in Jersey City, the off-the-waterfront conversion of the old Jersey City Medical Center into the high-end condo complex.

"We have hit 90 percent sold and we raised prices in June," said George Filopoulos, president of Metrovest Equities, Inc., the developer of the Beacon.

Roughly 300 units have sold at the Beacon's Rialto and Capital buildings, where prices range from the high $300,000s for a 1-bedroom unit to the low $500,000s for a 2-bedroom; and another 103 units at the recently-completed Mercury go on sale next month."

[Wolf]

I never hear a single creeped out word about that building....

In general, I think living in an old hospital is bad karma.  Whereas living in an old church is good karma.

I don't know about that.  If you live in a church you've essentially evicted God from his own house and I'll bet he'd be pissed.  Cue the fire and birmstone.

You know your neighborhood has gentrified when...
...God Himself can't afford to live there anymore.

...and those who think and act as if they are God are the only ones who can...

Wait.  I'm sure God has more than enough money to afford living at the Beacon.  I hear he recently bought two adjoining loft apartments at Trump (JC), something about keeping an eye on omnipresent evil, I recall.   

Actually, God has got nothin' but loot since the tobacco company settlement a few years ago.  Rumor also is that he's planning a bigtime lawsuit against Apple for trademark infringement.  He is known to refer to Steve Jobs as that "Jive Ass Ipod Shufflin Snake".

[NON]

I never hear a single creeped out word about that building....

In general, I think living in an old hospital is bad karma.  Whereas living in an old church is good karma.

I don't know about that.  If you live in a church you've essentially evicted God from his own house and I'll bet he'd be pissed.  Cue the fire and birmstone.

You know your neighborhood has gentrified when...
...God Himself can't afford to live there anymore.

...and those who think and act as if they are God are the only ones who can...

[elgoodo]

I never hear a single creeped out word about that building....

In general, I think living in an old hospital is bad karma.  Whereas living in an old church is good karma.

I don't know about that.  If you live in a church you've essentially evicted God from his own house and I'll bet he'd be pissed.  Cue the fire and birmstone.

You know your neighborhood has gentrified when...
...God Himself can't afford to live there anymore.

[Bobblehead]

...

and the complete disregard for the neighborhood and the reality of it, that really turns me off.

How has the Beacon development completely disregarded the neighborhood?  The developer has taken an abandoned building and breathed new life into it,  so instead of being occupied by crackwhores and dickless ghost trannies, you actually have a viable community of people who are contributing to an area in a way that not only benefits them, but you as well.  I don't get why people are so against this development being successful. From a "green" point of view, these structures are being recycled instead of taking up more space in a landfill.  They are also investing in an area that could really use it.  For the most part, unless you are a buyer who has purchased the property "site unseen", it's pretty obvious what you are getting into once you visit the place. 

+1 worm (although the developer has used some shady tactics, i.e. misleading info on their website)

and points to you for coining the phrase "dickless ghost trannies".

I know, that was awesome. No need to search, I bet Google finds it only on WJC. 

[AmbushBug]

+1 worm and Soshin.

I think that the Jersey Medical Center, as weird and Langian and imposing as it is (it looks straight out of Gotham City . . . and not the warm fuzzy Adam West Gotham, either) is one of the coolest damn buildings in this city, and it's got a helluva lot more character than any of the other giant condoclusters going up.

Still, I think Soshin's right that it's not the Beacon itself that people take issue with, but the way it's been sold — totally divorced from the neighborhood around it. It's the same reason I'm always a little insulted that there's a shuttle from the Grove Street PATH to Dixon Mills. You need a shuttle to walk five blocks, unless you think of your  building as an oasis of civilization inside a postapocalyptic ghetto.

As for whether the Beacon is any more creepy than the condo building going up on Hamilton Park, I don't think you can compare the two, as most of the St. Francis hospital has been torn down.

Still, if I could afford it, I'd love to move back into the JCMC.

[Soshin]

...

and the complete disregard for the neighborhood and the reality of it, that really turns me off.

How has the Beacon development completely disregarded the neighborhood?  The developer has taken an abandoned building and breathed new life into it,  so instead of being occupied by crackwhores and dickless ghost trannies, you actually have a viable community of people who are contributing to an area in a way that not only benefits them, but you as well.  I don't get why people are so against this development being successful. From a "green" point of view, these structures are being recycled instead of taking up more space in a landfill.  They are also investing in an area that could really use it.  For the most part, unless you are a buyer who has purchased the property "site unseen", it's pretty obvious what you are getting into once you visit the place. 

+1

Although, correct me if I am wrong but I think Jenny might have been referring to the fact that the developers are selling to Yuppies who move in under the illusion that the hood outside the prison walls is safe.  I argue that IT IS, but if you are looking for a starbucks and a botique clothes shop that only has one $3000 dress in the middle of the store, then it is not exactly what you are looking for.......

 

[Woodsy]

...

and the complete disregard for the neighborhood and the reality of it, that really turns me off.

How has the Beacon development completely disregarded the neighborhood?  The developer has taken an abandoned building and breathed new life into it,  so instead of being occupied by crackwhores and dickless ghost trannies, you actually have a viable community of people who are contributing to an area in a way that not only benefits them, but you as well.  I don't get why people are so against this development being successful. From a "green" point of view, these structures are being recycled instead of taking up more space in a landfill.  They are also investing in an area that could really use it.  For the most part, unless you are a buyer who has purchased the property "site unseen", it's pretty obvious what you are getting into once you visit the place. 

+1 worm (although the developer has used some shady tactics, i.e. misleading info on their website)

and points to you for coining the phrase "dickless ghost trannies".

[worm]

...

and the complete disregard for the neighborhood and the reality of it, that really turns me off.

How has the Beacon development completely disregarded the neighborhood?  The developer has taken an abandoned building and breathed new life into it,  so instead of being occupied by crackwhores and dickless ghost trannies, you actually have a viable community of people who are contributing to an area in a way that not only benefits them, but you as well.  I don't get why people are so against this development being successful. From a "green" point of view, these structures are being recycled instead of taking up more space in a landfill.  They are also investing in an area that could really use it.  For the most part, unless you are a buyer who has purchased the property "site unseen", it's pretty obvious what you are getting into once you visit the place. 

[Soshin]

I never hear a single creeped out word about that building....

In general, I think living in an old hospital is bad karma.  Whereas living in an old church is good karma.

I don't know about that.  If you live in a church you've essentially evicted God from his own house and I'll bet he'd be pissed.  Cue the fire and birmstone.

I would also bet that more people have sinned in church than in a hospital.  Hospitals can be a source of great joy as well as a wonderful source of MRSA.  Imagine the happiness of all the Mums and Dads whos kids were born there, the happiness of all the trannies who got their dicks chopped off there, the happiness of all the doctors who got high on methadone there......... 

[Woodsy]

I never hear a single creeped out word about that building....

In general, I think living in an old hospital is bad karma.  Whereas living in an old church is good karma.

I don't know about that.  If you live in a church you've essentially evicted God from his own house and I'll bet he'd be pissed.  Cue the fire and birmstone.

[SamS]

I am genuinely glad your experience was better than my colleagues. But in my colleague's experience, the difference in size was significant, not just the space behind the wall board.   I don't know the details of my other acquaintances experiences.

[Wolf]

I have heard of a few first hand stories of folks who went to closing for a unit as this complex,  to learn the unit they were purchasing was substantially smaller than what they contracted for.  One of these purchasers was a colleague of mine, who refused to close unless the developer either gave him a unit of the size he agreed to, or reduced the price by the cost per square foot. I am not sure how the developer handled it. But it's rather  concerning to say the least that the seller didn't disclose this information in advance of closing.

I recently closed at this development and did not have this experience (not substantially anyway).  That said, the offerring document for the development actually discloses that that the dimensions of the units are essentially based on the entire space, including the space behind the wallboard (Basically "brick to brick").  Whoever signed a contract to buy at the complex would have been made aware of this had they read the document.  Even so, I  also am not a big fan of how this was conveyed in the document, but not surprised given that I am familiar with the practice.  Other than that, the buildings are extremely nice and are a welcome addition to the housing stock of the city (IMHO).

[elgoodo]

I think the music on livingonthepark.com is creepy.  So there.

[jennymayla]

I never hear a single creeped out word about that building....

Yet.

It's a combination of the Beacon's history and, in my opinion, the smugness of the marketing campaign, and the complete disregard for the neighborhood and the reality of it, that really turns me off.  How the St. Francis thing rolls out as it moves along is yet to be seen. 

In general, I think living in an old hospital is bad karma.  Whereas living in an old church is good karma.

That's just what I think.

I just do.

[elgoodo]

I'm gonna play Beacon's advocate.  A lot of people were born in that building too, no?  Also, St. Francis was is a hospital-gone-condo project too, no? (livingonthepark.com).  I never hear a single creeped out word about that building.

[jennymayla]

I still just can't quite get past the fact that so many people died in that building.  And it's Ghostbusters, and there's absolutely nothing within walking distance, and I worry about the residents of the projects--are they planning on tossing them out like they do with other rehabs in areas?

+1 gazillion.

[LadyDi]

I still just can't quite get past the fact that so many people died in that building.  And it's Ghostbusters, and there's absolutely nothing within walking distance, and I worry about the residents of the projects--are they planning on tossing them out like they do with other rehabs in areas?

[SamS]

I have heard of a few first hand stories of folks who went to closing for a unit as this complex,  to learn the unit they were purchasing was substantially smaller than what they contracted for.  One of these purchasers was a colleague of mine, who refused to close unless the developer either gave him a unit of the size he agreed to, or reduced the price by the cost per square foot. I am not sure how the developer handled it. But it's rather  concerning to say the least that the seller didn't disclose this information in advance of closing.

[MCA™]

The Beacon
Baldwin Avenue and Montgomery Street
Jersey City, NJ
Map it


<a href="http://www.youtube.com/v/LwQR5ESelTQ&amp;rel=1&amp;border=0" target="_blank" class="new_win">http://www.youtube.com/v/LwQR5ESelTQ&amp;rel=1&amp;border=0</a>
Jersey Journal slideshow

NEW LIFE TO OLD MEDICAL CENTER
Monday, November 12, 2007
PAUL KOEPP
JOURNAL STAFF WRITER

Life is being breathed into the old Jersey City Medical Center, Mayor Frank Hague's Depression-era model for medical services for the poor.

George Filopoulos, president of Manhattan-based Metrovest Equities, recently gave city officials a tour of the Beacon condo complex after they attended a ribbon-cutting for the new police motorcycle garage around the corner on Cornelison Avenue.

The developer spent $1.4 million to build the garage and is leasing it to the city for $1 a year for 10 years.

Prices are a bit steeper at the Beacon, with one-bedroom condos starting at $370,000 and two-bedroom units at $550,000, plus a $550 monthly maintenance fee. The penthouse of the Capital building has already sold for $2.3 million, Filopoulos said.

Workers were polishing floors and doing exterior work at the Capital and the attached Rialto. Of the two buildings' 315 units, 275 are under contract and 200 are occupied, Filopoulos said.

The first phase of the project also includes 103 units in the Mercury building expected to be ready in late 2008 and going on sale next month, and 110 units in the Orpheum, slated for completion in 2009.

The entire project will eventually have 1,200 units in 10 buildings at a cost close to $400 million, according to Filopoulos, who said the hardest part is fixing the buildings' facades.

"Until you strip away the brick, you don't know how much brick you have to replace and how much steel you have to replace," he said.

Metrovest is trying to recapture the buildings' Art Deco feel by restoring the original 1930s light fixtures and paint colors in the halls and lobbies. A refurbished bas relief made of 24 marble panels weighing 800 pounds each adorns the walls of the former Rialto entrance, now a billiards room. Down the hall, Mayor Hague's office is being turned into a poker room and the old auditorium has become a great room and events center.

The complex offers high-end amenities like a spa, indoor grotto and shuttle service to the Journal Square PATH station.

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