Luxury Condominium Building 70% Sold, 65% Closed

JERSEY CITY, N.J. – One of the region’s most successful-selling condominium buildings continued to dominate the luxury market in October as an impressive seven sales exceeding $1 million each were recorded at Crystal Point on Jersey City’s Hudson River waterfront.

The new high-end sales, coupled with numerous other contracts taken in October on residences priced under $1 million, has pushed the 269-home building to the 70% sold mark, according to Fisher Development Associates, which is developing the 42-story building on the final piece of developable land facing Manhattan in the City’s downtown waterfront district.

Perhaps more importantly, Crystal Point is currently 65% closed and occupied.

“Despite the real and perceived circumstances that still affect much of the real estate marketplace, Crystal Point has consistently sold to a customer base that is confident in the enduring value and qualities of the building,” notes Brian Fisher, President of the company that bears his name.

“Achieving this level of sales velocity and price points in the midst of today’s market provides clear evidence that buyers deem this a historically-opportunistic time to purchase a luxury residence in a world-class property that offers them a truly unmatched lifestyle.”

The iconic Crystal Point building takes upscale riverfront living on the Hudson River to the next level by providing forever New York City views and a myriad of five-star recreational and social amenities to create a hotel-inspired living environment. Prices for the one-, two- and three-bedroom residences start in the mid-$500,000s. Homes at Crystal Point are made even more attractive thanks to a 30-year tax abatement that has been granted to the building.

Crystal Point features a crystalline-style glass exterior and has been designed to maximize the building’s waterfront setting and views of the ever changing Manhattan skyline. Inside, one-, two-and three bedroom homes range from 800 to 1,817 square-feet and offer an array of premium finishes. Residents also benefit from free on-site parking.

“Floor-to-ceiling windows drench the homes in natural light and many of the residences offer riverfront balconies,” notes Adrienne Albert, CEO of The Marketing Directors, Inc., the building’s marketing and exclusive sales agent.

“Kitchens boast Italian Pedini wood and glass cabinetry, sparkling quartzite counters, under-cabinet task lighting, full height pantries, islands with breakfast bars and a full Jenn-Air appliance suite. Each residence also has SMART home technology capabilities and a washer and dryer.”

Created by the renowned New York City architectural firm Gruzen Samton LLP, the distinctive design of the landmark Crystal Point building maximizes its unrivaled waterfront location and creates homes with modern, open and furnishable living areas.

“Unlike many high-rise developments which often seem cavernous with long hallways, we split the Crystal Point plan in half with elevators positioned in the middle of the residential floors to create short corridors and provide the building a very intimate feel,” says Jordan Gruzen (FAIA) of Gruzen Samton. “We utilized multiple façade planes to break the building‘s mass up and ensure that every home had magnificent views. Each condominium was designed so from the moment the front door of each home is opened one is aware of the views and the light emanating from the water.

“The layouts of the homes themselves often create large square rooms and sprawling living spaces that are open, airy and extremely functional.”

Crystal Point’s superb amenities include the Crystal Spa with a thermal bath, sauna, steam and treatment rooms. Residents will also enjoy a yoga/aerobics room, state-of-the-art fitness center, lounge with flat screen televisions, game room with billiard and poker tables, children’s play room and a screening room within the Crystal Club.

“An outdoor deck overlooking the Hudson River features a sparkling pool, giant hot tub, private cabanas and lounge chair seating, as well as two BBQs and dining area, fire pits and a children’s play area,” says Ms. Albert. “The building also offers a professional concierge, valet parking and soon a lobby level restaurant.”

The New Jersey District Council of the Urban Land Institute (ULI-NNJ) has awarded Crystal Point its 2010 “Project of the Year” honor in recognition of the responsible development of the waterfront condominium building. Earlier this year, Crystal Point received the prestigious Gold Award for “Community of the Year” during the 2010 National Association of Home Builders’ (NAHB) annual International Builders’ Show. Given by the National Sales and Marketing Council (NSMC), the celebrated achievement distinguishes the building as the best new attached home community in North America.

Crystal Point is conveniently located between the Paulus Hook and Newport sections of Jersey City and steps from PATH trains at both Exchange Place and Newport with direct access into New York City and a Light Rail station.

For additional information on Crystal Point, please call 201-433-7778 or visit www.crystalpointcondos.com.