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Re: The Beacon
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My unit is under contract.

Posted on: 2012/3/8 17:59
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Re: The Beacon
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Hi Sammy,

Did you sell your unit yet? I'm looking to purchase and I've been keeping my eye on the Shore Club.

PM me if you are looking to sell. We could even avoid realtor fees or I can use your realtor.

Posted on: 2012/3/8 6:13
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I don't understand these negative comments about The Beacon.

I'm about to move out of my beautiful corner condo at The Shore at Newport into a condo at The Beacon - hopefully by next month. I'm leaving my sweeping views of Manhattan and will now have Southeast views of New York Harbor, the Statue of Liberty and the Verrazano Narrows Bridge. And my new unit has 12 foot ceilings - great for displaying my art collection.

I'll have an indoor pool, 2 theaters, a poker room, billiard room, valet parking and a large van to take me to Exchange Place if I don't want to drive.

The Mercury will have 126 rental units - should be renting by the end of this year. Work on the multilevel garage has started so surface parking should be a thing of the past by the end of next year.

I have 3 friends who have owned condos At the Beacon for several years - everyone of them loves the community.

I'm expecting to be very happy there.

Posted on: 2012/3/7 16:13
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Re: The Beacon
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1) The condo is not in such a great neighborhood.
2) It is not within walking distance to the PATH
3) Use to be a hospital - not sure if that is your kind of thing...

You might want to look at Dixon Mills. That condo has it's own set of problems (not sure if the mice infestation problem has been resolved there yet..) but it's a much safer area.

I've visited all of the JC condos at this point and I would only put the Saffron condo under the Beacon....

Posted on: 2012/3/7 0:58
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Re: New York Times: The Wall Street Bonus Bounce -- Buying half-floor in the Beacon for under $1 million
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i walk dogs in the beacon and while the units are pretty cool (especially the ones with the huge balconies on the 6th floor) the units are really small compared to canco lofts.

Posted on: 2012/3/6 22:26
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Re: New York Times: The Wall Street Bonus Bounce -- Buying half-floor in the Beacon for under $1 million
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Anyone live in the Beacon? What's it like? Nicely Done? Desolate? Creepy? High maintenance fees?

Posted on: 2012/3/6 20:05
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Re: New York Times: The Wall Street Bonus Bounce -- Buying half-floor in the Beacon for under $1 million
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103 Rental Units

Posted on: 2012/3/5 21:12
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Re: New York Times: The Wall Street Bonus Bounce -- Buying half-floor in the Beacon for under $1 million
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SammyTheT wrote:
No. The Mercury is being reconfigured into 103 apartments instead of 25 lofts (returning to the original plans). Construction will begin soon.


Rental apartments or condos for sale??

Posted on: 2012/1/11 20:42
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Re: New York Times: The Wall Street Bonus Bounce -- Buying half-floor in the Beacon for under $1 million
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No. The Mercury is being reconfigured into 103 apartments instead of 25 lofts (returning to the original plans). Construction will begin soon.

Posted on: 2012/1/11 20:35
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Re: New York Times: The Wall Street Bonus Bounce -- Buying half-floor in the Beacon for under $1 million
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GrovePath wrote:
The Bonus Bounce

The New York Times
By HILARY STOUT
Published: February 4, 2010

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.




Whatever happened to this project (The Mercury Lofts), this article was from two years ago? Is it possible that these people could still be under contract after all of this time?

Posted on: 2012/1/11 18:01
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Re: The Beacon
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What a great 4th of July! Our social recreation committee outdid themselves. The residents of The Beacon and our guests were treated to free hot dogs, burgers and sodas and the cooks were great! And our view of the blimps and fireworks is so awesome. It's a really nice community here.

Posted on: 2011/7/5 13:22
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Re: The Beacon
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[quote]That doesn't sound very promising since they reported 5 had been sold in an article posted above from February of last year, only one sold in a year?[quote]

I don't know how many sold, I wrote at least half a dozen as a safe guess. I am not a realtor, I live here.

Posted on: 2011/6/2 12:51
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Re: The Beacon
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billc wrote:
I don't think anyone would seriously try walking to Liberty State Park from the Beacon unless they are in training, but if that is your thing, go for it.

Yeah that's quite a hike, but if you have a bike its a quick ride, and if you go cruise down Summit to Communipaw rather than following Johnston its not such an ugly view.

Posted on: 2011/6/1 22:31
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Re: The Beacon
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marybarr wrote:
Hi! At least half a dozen lofts have been sold but move in is planned for the Fall. The bar is not open yet.


That doesn't sound very promising since they reported 5 had been sold in an article posted above from February of last year, only one sold in a year? How long until those sales start falling out of contract due to excessive delays in the closing dates which were originally slated for "June through August, 2010". They gambled big on that project by selling only full floors and half floors. I wonder why they don't just build rental units like so many other developers in this climate.

Posted on: 2011/5/31 16:50
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Re: The Beacon
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I don't think anyone would seriously try walking to Liberty State Park from the Beacon unless they are in training, but if that is your thing, go for it.

Posted on: 2011/5/31 14:33
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Re: The Beacon
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Hi! At least half a dozen lofts have been sold but move in is planned for the Fall. The bar is not open yet. I agree with BillC that the property values everywhere have gone down, but our place is pretty cool with all the amenities and really good building maintenance. Some things that aren't advertised are personal things like sponsored free get togethers, sometimes with free cocktails and food. We also have owner based parties where folk invite people and they spread the word and before you know it there are people waiting in the hall! The only downsides to living here are that underground parking won't be available until the economy comes back and the neighborhood isn't that pretty for walking. Walking to VanVoorst Park or Liberty State Park is delightful.

Posted on: 2011/5/29 12:39
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Re: Property value trend at The Beacon
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I have lived at the Beacon since the beginning. There are some short sales, and just like everywhere else, it is playing havoc with valuations. But as any informed person knows, the valuation in a short sale is imaginary until the bank approves the sale, and they are only interested in avoiding a forclosure, not a good measure of actual value. I know that in the single home market that short sales are being advertised that are below what it would cost to build the house. Once the economy rebounds a bit I expect to see values stabilize, and then maybe increase at the level of inflation.
Except for recent sales and those that purchased during the auction, I would guess that most of the owners at the Beacon are likely under water on their mortgage to some extent. I know I am. On the other hand I did not buy on speculation, this is my sole property and I live here. I'm not expecting to move for at least another 6 or 7 years, so any loses are strictly on paper at this point.
I think if you got an honest answer from most condo owners in Jersey City, if not most of the country, you would hear a similar story, which is why I'd say that there is no story in this news, so let's just move on to the next issue. At least that's my opinion.


Bill, I am curious about what's happening with the Mercury Lofts, have people started moving in yet? Also I remember hearing about a bar opening there too, did that open yet?

Posted on: 2011/5/26 18:21
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Re: Property value trend at The Beacon
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Thanks for your opinion, Billc.

I only posted the question because I recently saw a unit at The Beacon and was very impressed with it along with the entirety of the complex. As impressed as I am, I was equally concerned about the neighborhood and potential upside. I too, would not be speculating. It would be my sole dwelling and wanted to solicit opinions of owners. I already own downtown but am looking for something bigger/nicer and liked what I saw at the Beacon for the money.



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billc wrote:
I have lived at the Beacon since the beginning. There are some short sales, and just like everywhere else, it is playing havoc with valuations. But as any informed person knows, the valuation in a short sale is imaginary until the bank approves the sale, and they are only interested in avoiding a forclosure, not a good measure of actual value. I know that in the single home market that short sales are being advertised that are below what it would cost to build the house. Once the economy rebounds a bit I expect to see values stabilize, and then maybe increase at the level of inflation.
Except for recent sales and those that purchased during the auction, I would guess that most of the owners at the Beacon are likely under water on their mortgage to some extent. I know I am. On the other hand I did not buy on speculation, this is my sole property and I live here. I'm not expecting to move for at least another 6 or 7 years, so any loses are strictly on paper at this point.
I think if you got an honest answer from most condo owners in Jersey City, if not most of the country, you would hear a similar story, which is why I'd say that there is no story in this news, so let's just move on to the next issue. At least that's my opinion.

Posted on: 2011/5/26 17:51
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Re: Property value trend at The Beacon
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I have lived at the Beacon since the beginning. There are some short sales, and just like everywhere else, it is playing havoc with valuations. But as any informed person knows, the valuation in a short sale is imaginary until the bank approves the sale, and they are only interested in avoiding a forclosure, not a good measure of actual value. I know that in the single home market that short sales are being advertised that are below what it would cost to build the house. Once the economy rebounds a bit I expect to see values stabilize, and then maybe increase at the level of inflation.
Except for recent sales and those that purchased during the auction, I would guess that most of the owners at the Beacon are likely under water on their mortgage to some extent. I know I am. On the other hand I did not buy on speculation, this is my sole property and I live here. I'm not expecting to move for at least another 6 or 7 years, so any loses are strictly on paper at this point.
I think if you got an honest answer from most condo owners in Jersey City, if not most of the country, you would hear a similar story, which is why I'd say that there is no story in this news, so let's just move on to the next issue. At least that's my opinion.

Posted on: 2011/5/26 16:58
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Re: Property value trend at The Beacon
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tghost wrote:
Can anyone tell me how well (or not so well) condo units at the Beacon have held their value? I've seen a number of advertised short sales for multi-bedroom units with very attractive prices there, but I would imagine these units were worth much more 3-4 yrs ago.

Are their any Beacon owners out there who wish to chime in? Good investment? Bad investment? Updside? Downside?

Thanks!


I doubt you will get anyone from there to be straight with you so you can click on the link below, type 4 Beacon Way in the location and see for yourself. Change Output Setting should be set to multi-line. Look at recent sales and compare to other units with similar square footage. From what I have seen it's been a blood bath. Price per square foot is all over the place, some people got really good deals though. Good luck.

Tax records

Posted on: 2011/5/26 0:32
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Property value trend at The Beacon
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Can anyone tell me how well (or not so well) condo units at the Beacon have held their value? I've seen a number of advertised short sales for multi-bedroom units with very attractive prices there, but I would imagine these units were worth much more 3-4 yrs ago.

Are their any Beacon owners out there who wish to chime in? Good investment? Bad investment? Updside? Downside?

Thanks!

Posted on: 2011/5/25 21:33
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The interior shots of this commercial were all shot at The Beacon.


Posted on: 2010/12/30 16:15
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Okay, I have to admit that is funny and clever BUT it could be used for ALL valet parking ANYWHERE. It's no worse at The Beacon and better than many places.

Posted on: 2010/10/9 3:27
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The garden looks great from Montgomery Street. Keep it up!!

Posted on: 2010/9/16 2:33
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My hubby and I went out and weeded the area and pulled out some dead vegetation. We were rewarded with a great eggplant, green pepper, a few plum tomatos, and wild mint. We had fried eggplant and pepper sandwiches. YUMMY.

Posted on: 2010/9/14 22:31
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New York Times: The Beacon -- Another Way for Condos to Go Green
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Another Way for Condos to Go Green

By ANTOINETTE MARTIN
Published: July 14, 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.

Resized ImageResized Image
Jennifer Finotti, top, tends to plants at the Beacon in Jersey City, which is sectioning off 72 garden plots for its residents.

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.

“I’ve only raised a few houseplants, of the type you can’t kill,” said Ms. Finotti, who is 31. “But I’m excited about this. I go down to the dog run every day anyway. Now, I’ll just walk over to the garden and spend an hour. They’re going to teach us what we need to know.”

A garden club is being set up, according to the Beacon developer, George Filopoulos, who conceived of the garden-as-amenity as part of his quest to endow the Beacon’s mammoth buildings and 14-acre site next to deteriorated housing projects with many pastimes and diversions.

Besides the spa, the fitness center, the billiards room, the movie theater, the library and the deli already ensconced at the development, Mr. Filopoulos said a prekindergarten learning center and a private nightclub called Prohibition would be opening soon.

Mr. Filopoulos is the president of Metrovest Equities, which since 2005 has been working on conversion of Jersey City’s historic former medical center into a residential compound that today includes about 300 units, and will eventually comprise more than 1,000. The Beacon’s 10 tall Art Deco structures stand on a hill at the corner of Montgomery Street and Baldwin Avenue.

Community gardens are thriving in other urban areas — the “adopt-a-lot” program run by the nonprofit Greater Newark Conservancy, for example, as well as the City Green network in Paterson. But those programs are organized around the principles of reclaiming derelict land and raising nourishing food in low-income neighborhoods.

There is also a growing movement toward “horticultural therapy,” said Jan Zientek, the senior coordinator of the Rutgers Urban Gardening Program in Roseland.

Plans are in progress to create a garden for cancer patients at the Hackensack University Medical Center, said Robert Schucker of RS Landscaping, who is working on the project.

And several New Jersey retirement villages — Cedar Crestin Pompton Plains, for one — already offer residents the chance to get their hands dirty at a community plot.

But the Beacon garden, where soil was still being moved into place and paving stones added recently, appears to be among the first to offer younger, more upscale apartment dwellers the opportunity to produce their own produce.

“I think people are going to flock to this,” said Mr. Rubin, the consulting nurseryman, who runs the Alpine Nursery and Garden Center in Belleville. “These days, freshness is in. That’s all you hear: fresh, fresh, fresh.”

Mr. Rubin is to hold classes in the evenings on how to maintain organic practices at the garden, avoiding the use of pesticides. He will also advise for and against crop choices, he said: “No corn! Takes too much space, needs too much water. Not worth it in an urban garden.”

Mr. Filopoulos said that the Garden Club would parcel out its 5-by-8-foot plots, assigning most to individual residents, but maintaining some as group plots where novices can work beside more seasoned hands.

Water from several spigots, and hoses, will be supplied, along with basic garden tools, he said.

Several other condo and rental building owners said they thought the idea was “attractive” and “innovative.”

“We currently encourage people to have plantings on their porches and balconies, to feel at home,” said Jonathan Moore, a vice president of the Value Companies in Clifton, which owns dozens of rental buildings in northern New Jersey.

“This is an idea we would potentially consider,” he said.

Posted on: 2010/7/17 14:58
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Re: The Beacon
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The media continues to follow The Beacon. Here's a story that ran in the current issue of NY Family Magazine:

http://www.newyorkfamily.com/newyork/ ... -lofts-at-the-beacon.html

Posted on: 2010/6/18 22:21
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Sarah Jessica Parker Vogue Shoot .... in Jersey City
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Cover spread on May issue of Vogue. Photos shot in one of the future rehabbed buildings of The Beacon.



http://www.vogue.com/voguediaries/2010_May_Sarah_Jessica_Parker/

http://www.vogue.com/feature/2010_May_Sarah_Jessica_Parker/

Posted on: 2010/5/13 0:24
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Re: The Beacon
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Sarah Jessica Parker poses for Vogue at The Beacon in Jersey City

By Melissa Hayes/The Jersey Journal
May 06, 2010, 12:42PM

This month’s Vogue magazine features a photo shoot with Sex in the City star Sarah Jessica Parker at The Beacon in Jersey City.

“This is my vogue shoot we’re at The Beacon in Jersey City, which is a beautiful deco complex with perfectly wonderful amounts of neglect and great light,” Parker says in a video diary of the shoot on Vogue’s website. “It’s been a great two days.”

The Beacon, on Montgomery Street, is a group of historic art deco buildings constructed in the 1930s. The complex is undergoing a major restoration project that will result in a luxury mixed-use development.

Parker’s photo shoot was held in one of the yet-to-be-restored buildings.

Two of The Beacon’s residential buildings have been restored and house more than 550 residents. Work on a third residential building is underway.

The Beacon is the former Jersey City Medical Center


Posted on: 2010/5/7 4:41
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Re: The Beacon
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I don't use the heat in my place at The Beacon and it usually stays around 70 degrees with the bill being around $60.00. Maybe it's the location I am in. I do need to use the air in Summer but my bill has never been more than $160. Of course my space is only a one bedroom but I am home all day and so use more electricity than most folk.

Posted on: 2010/3/23 17:40
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