Real Estate Developer’s First Quarter Sales Exceed $50 Million

May 29, 2008 - PRLog -- The Pinnacle Companies of Chatham, N. J., one of the state’s leading luxury homebuilders, has reported that its first quarter earnings represent the strongest in the company’s 24-year history, with total sales exceeding $50 million.

During the first quarter, Pinnacle Downtown, a division of The Pinnacle Companies, outperformed the local Jersey City market at its Mandalay On The Hudson luxury waterfront high-rise. This trend continued through April, with nine additional contracts signed.  Visit the Mandalay Web site at http://www.mandalayonthehudson.com.

Sales have also been robust at Aurora Over The Hudson, another of Pinnacle Downtown’s exclusive waterfront communities located in Cliffside Park, N. J., where over a six-week period, seven contracts were signed.

The seven recent sales at Aurora reflect an average selling price of $1.8 million.  Visit the Aurora Web site at http://www.auroraoverthehudson.com.

The Pinnacle Companies’ first quarter successes are also the result of exceptional sales milestones reached through its award-winning custom homebuilding division, Pinnacle Custom. Notable achievements include a 10,400 square-foot six-bedroom, seven-bath house in Alpine, N. J. that sold for $6 million; an 8,000 square-foot estate on 2.5 acres in the Gables at Warren that sold for $2.6 million; and an incredible 18,500 square-foot estate mansion in Saddle River, N. J., designed as an architecturally accurate replication of a 100-year-plus-old English Manor house, that recently sold for over $12 million.

“In challenging markets, buyers have historically been drawn to quality and lasting value, and this cycle is no different,” said Brian Stolar, founder, president and CEO of The Pinnacle Companies. “The Pinnacle Companies’ unyielding commitment and passion for exceeding our buyers’ needs, and our relentless attention to smart design and detail, continues to give buyers the confidence to buy in this marketplace now more than ever. A Pinnacle home is not only a great investment, but a wonderful lifestyle choice as well.”

Honored in 2007 by the New Jersey Builder’s Association, Mandalay On The Hudson’s 25-story tower houses 269 condominium homes and is located directly on the Hudson River’s western bank, providing both views of the Manhattan skyline and easy access to the city. Within walking distance of Mandalay are two PATH stations, two ferry terminals and the New Jersey Transit Hudson-Bergen Light Rail.  One-, two- and three-bedroom homes are being offered at affordable prices starting in the low $400,000s.

Mandalay features a heated outdoor pool on the Hudson waterfront that is surrounded by gardens and picnic and barbeque areas. The pool is accessible from the Resident’s Club, which is ideal for special events, small gatherings and to watch sports on a plasma television screen. The community offers a 24-hour concierge, valet service for dry cleaning and repairs, a fully equipped fitness and exercise area, and an outdoor playground.  A riverfront promenade, which surrounds the perimeter of the community, is ideal for walkers and joggers alike.

In addition to Mandalay’s easy access to mass transportation, the purchase price includes a garage parking space. New Jersey’s highways are a short distance from the property and Liberty International Airport in Newark is only 20 minutes away.

With floor-to-ceiling windows and glass terraces, more than 60 percent of Aurora’s 131 luxury two- and three-bedroom homes measure over 3,000 square feet.  Furthermore, Pinnacle has collaborated with world famous designer Phillipe Stark to give Aurora a unique style all its own through his renowned artistry and imagination.

All of Aurora’s residences, which range in price from $1 million to $2.5 million, feature kitchens and bathrooms that offer the latest in sleek European elegance with fine cabinetry and Viking appliances, signature faucets, free-standing baths and vessels on stone counter tops. The homes also feature individually controlled heating and cooling systems and hardwood flooring in the living and master bedroom areas. Many of these features, considered upgrades at most condominium communities, are standard at Aurora. The homes will also feature state-of-the-art technology, concierge interface, in-home wireless Internet access, multiple telephone lines and interactive communication with security.

The glass towers that comprise Aurora house some of the finest Resident Club amenities on the Gold Coast. Signature elements include entertainment salons; a private dining room; a Zen relaxation and spa fitness center; and the YOO plaza, which includes gardens, a pool and hot tub set above the backdrop of the Manhattan skyline. Ample parking is provided underneath the towers, with two spaces in a climate-controlled garage assigned to each unit and valet parking.

Aurora’s cliffside location affords views across the Hudson River into Manhattan spanning from the George Washington Bridge to the Financial District. In addition to Manhattan’s nearby shopping, dining and cultural offerings, residents can also take advantage of the riverside cafés, restaurants and shopping of New Jersey’s famed Gold Coast.

Pinnacle Custom is a sought-after homebuilder that has mastered the art of old-world craftsmanship. This reputation for building exquisite, master-crafted estate homes has been recognized for four consecutive years by the New Jersey Homebuilder’s Association with the prestigious SAM award for “Best Custom Home of the Year.”  

Pinnacle Custom offers a full array of services, from property acquisition, to engineering and architectural design, to approvals, to construction. The division is flexible with regard to all of these services and willing work with individual clients to provide the level of involvement that each needs.

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About The Pinnacle Companies

The Pinnacle Companies, which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the industry for their ability to anticipate trends in the changing real estate market and create “what’s next” in luxury residential communities. Pinnacle’s innovative approach to development and creative problem-solving abilities are qualities that continually position Pinnacle as an industry leader in the real estate market.

The award-winning company has built an enviable reputation in the sale and rental of luxury, active-adult and custom housing, as well as the office, retail and mixed-use markets. Since the company’s founding in 1984, Pinnacle has built in excess of 5,000 luxury attached and detached homes as well as several million square feet of retail, hotel and restaurant space. For more information on Pinnacle, visit http://www.pinnaclecompanies.net.