They didn’t expect to stay longer than two years. In 2002, when career opportunities led them to extend their stay, they moved into a rental in a 25-story building on the Jersey City waterfront.

"We loved being in the city, but we were longing for a little bit more nature, more room, more space," Dana said.

In 2005, Pinnacle Companies purchased the building with the goal of converting the 269 units into condominiums, a complex the developers named Mandalay on the Hudson.

"I was worried," said Paul, who works for a private wealth and institutional asset management firm in Manhattan. "We were really fond of the place. I always used to say, 'If only we could buy this place.' We used to own real estate in Canada, but we had been out of the market for a while."

Ultimately, the Franchis were able to buy the place, a two-bedroom, two-bath unit that was completely revamped and modernized, for under $790,000. For the four weeks it took for their apartment to be redone, the Franchis camped out in a vacant apartment in the building.

Paul believes it's one of the best investments they could have made.

"I came to the conclusion, after a thorough research process, that Mandalay on the Hudson represents far and away the best value for your money, compared to Hoboken, [other projects in] Jersey City, Port Liberte, Edgewater," Franchi said. "I really looked over the market."

"This was the first condo conversion for Pinnacle Downtown," said Mary Boorman, senior vice president for development, sales and marketing of The Pinnacle Companies. "It worked out very well. We offer various packages: You can either buy the home as is without improvements, or a standard upgrade package with refurbishing and painting, or a prime package where we completely redo the kitchen and baths."

Mandalay also boasts a heated outdoor pool, a children's playground, a residents' community room, a fully equipped fitness area, a riverfront promenade for walkers and joggers, and 24-hour concierge service. Newport Centre Mall is nearby, and the revitalized downtown is three blocks away.

Boorman said the one-, two- and three-bedroom condos, priced from the low $400,000s to the mid-$800,000s, are almost 75 percent sold. Between 20 and 30 renters have purchased their apartments, and a number of investors have purchased apartments to rent out.

The downturn in the market has not hurt sales at Mandalay, Boorman said, because potential buyers from Manhattan are finding New Jersey to be a bargain and commuting -- with an NJ Transit light-rail station close by -- to be a breeze.

"You get a parking spot in the garage," Boorman said. "But a lot of time, you don't need your car. A lot of people are coming over [from New York City] and discovering Jersey City for the first time."

Paul said he is happy his family was able to stay put in a complex named by the New Jersey Builders Association as "Community of the Year" in April.

"I grew up on a farm north of Toronto, and all I wanted to do was move to the city," he said. "Mandalay was built right on the water with majestic views. We sit down and enjoy the boats going by and the view of the Empire State Building. It's like being a Manhattanite, but you have a deeded car park spot, and easy access to get out."

When they first moved to Jersey City five years ago, Franchi found the area a little dicey.

"I was afraid for my safety at night," he said. "In five years, there's been a sea change. It's going to be like Brooklyn Heights in a short period of time."

Dana said she believes Mandalay is a great place for their 17-month-old son, Benjamin.

"The building is full of young children: Every moment he goes out, there's someone to play with," she said.

In addition, she said she is pleased that the multicultural nature of Mandalay's residents exposes her son to people from all over the world.

Plus, she and Benjamin spend a lot of time walking on the promenade along the river.

"At one year of age, my son knows the word 'river,' " she said. "It's a very peaceful place for my son to grow up."

Moving up from the close-in suburbs to farther out? Downsizing? Moving from one part of town to another? E-mail Mary Amoroso at MaryAmo@aol.com.

For more information, visit the sales center at 20 Second St., Jersey City; call a sales representative at (866) OWN MANDALAY; or visit the website at www.MandalayOnTheHudson.com. The sales office is open from 10:00 a. m. to 5:00 p. m. during the week, and 11:00 a.m. to 5:00 p. m. on weekends. Customers should ask about the wide variety of advantages that come from financing their new home through Pinnacle's HomeSync mortgage program.

For more information on Pinnacle, visit www.PinnacleCompanies.net or contact the company’s Chatham headquarters at (973) 379-1900.