Phase I of renovation/rental program is completed at Metropolis Towers.

Within 60 days, more than 65 newly renovated apartments have been rented in Building 2 of Metropolis Towers, a 23-story, 770-unit, twin tower apartment complex in Jersey City, NJ, completing Phase One of an ambitious marketing program to help save this cooperative corporation, announces George Filopoulos, president of Metrovest Equities, Inc. and Metrovest GPNJ LLC, the entity created as the holder of unsold shares.

Phase Two of the rental project is centered in Building 1, which includes the renovation and rental of an additional 130 vacant units.

In addition to the renovation of individual apartments and common areas, eight new elevators are being installed, as well as custom windows throughout the buildings. Plans also include lobby and hallway upgrades and the installation of a new central air conditioning system. An extensive exterior facade restoration that includes balcony repairs is being concurrently completed.

"We are very excited at such a positive and quick response to our efforts," said Filopoulos. "There is still work being done on both buildings, but I think people understand value and appreciate the views, the space and excellent location of the towers."

Metropolis Towers, formerly known as Gregory Park, is located at 270 and 280 Mann Boulevard, just one block from the Grove Street PATH and minutes from Manhattan. Overlooking the Jersey City courthouse, it is situated one block from the local shopping area and four blocks from several riverfront restaurants. The apartment complex features its own retail corridor, and many of the units have balconies and views of the river, New York City skyline and the Statue of Liberty.

In 1986, the buildings converted to a limited-equity cooperative corporation, and in 1998, the Department of Housing and Urban Development (HUD), which held the underlying mortgage, initiated a foreclosure proceeding. If sold at auction, the building would have reverted to a rental property and 420 shareholders and their families would have lost their equity and, in many cases, their life savings.

Filopoulos developed a plan that included having the coop file for bankruptcy to stay the foreclosure and renegotiating a discounted payoff of the mortgage with HUD through a new underlying mortgage placed by the Dime Savings Bank.

In addition, he converted the co-op from a limited equity plan to a free-market one, re-allocating the shares and issuing new proprietary leases. One year later, 420 shareholder families retain ownership of their homes, which have already increased in value.

Metrovest GPNJ LLC, the entity Fiopoulos developed to orchestrate the co-op's rescue, has possession of the shares for 350 units, over half of which were vacant and are now being swiftly rented.