Back Bay Real Estate: Building on Newbury Street sells for $12.5 Million

Back Bay Real Estate, Back Bay Boston, 275 Newbury Street

This four-story building at 275 Newbury St. has been sold for $12.5 million

A building in Boston’s beautiful Back Bay neighborhood has just sold for $12.5 Million. Located on the bustling Newbury Street that is lined with top restaurants and boutique stores, 275 Newbury Street is a visually stunning property right in the heart of all the action.

Sold by Joyce Hampers, the operator of a pair of spas in the Back Bay and a former Department of Revenue commissioner, the property was most recently purchased by her in 2004 for $5 Million. Indeed, the real estate market has clearly been performing well not just in the residential sector over the past few years, but also in the commercial real estate market given these drastic price increases.

Purchased by Centremark Properties and Pearlmark Real Estate Partners, the deal only closed about a week ago. One of the managing partners, Nader Golestaneh, was unable to be reached for comment. However, early indications are that the new owners desire one large tenant to occupy the entirety of the four-story building going forward.

More Information: Boston Business Journal

Roxbury Real Estate: $10 Million Mixed-Use Development Planned

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An artist rendering of “The Clarion,” a 67,000 square feet on the city-owned one-acre site at 311 Blue Hill Ave.

There has certainly been no shortage of news regarding all of the new projects that are on the horizon for the Greater Boston area. Indeed, this is welcomed given the shortage of inventory that has also hit our market. So while the Seaport District, South Boston, the Back Bay, South End, Downtown, and more are seeing constant development and proposed plans, the latest news comes to us from Roxbury.

It is here where The Community Builders have filed plans to build a $10 Million mixed-use housing development on a vacant parcel of land near Roxbury’s Grove Hall.

Recently filed with the Boston Redevelopment Authority, ‘The Clarion’, as the project would be called, would consist of two buildings totalling 67,000 square feet. Specifically located at 311 Blue Hill Avenue, the location includes eight lots of land that were acquired by Boston’s Department of Neighborhood Development.

A groundbreaking for this endeavor is slated for next year. One of the buildings will be two-stories, while the other will have four-stories. In total, the facilities will have 40 apartments with an additional 5,000 square feet of space for community usage on the ground floor. It must be noted that thirteen of these units will be marketed at market-rate.

Since their founding in the 1960s, The Community Builders, also known simply as TCB, have built 320 projects and 25,000 housing units across 15 States in the country. Hopefully, if things go to plan, these numbers will continue to rise due to the building of this lovely development in Roxbury.

More Information: Boston Business Journal

Beacon Hill Real Estate: $12M Office Building to be Converted to Housing

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The building at 39-41 Mount Vernon St. has been sold by the Unitarian Universalist Association for $11.5 million

A massive transaction has just occurred in Boston’s historic Beacon Hill neighborhood. Just recently, The Unitarian Universalist Association sold their gorgeous property at 39-41 Mount Vernon Street. This stunning property has earned the nickname ‘The Mount Vernon’, and it’s superb location is much of the reason it just sold for $11.5 Million.

This 23,000 square foot building at the corner of Mount Vernon and Joy Streets is incredibly close to the State House, and is now proudly owned by the purchasers, Mount Vernon Partners LLC. This group is a joint venture between an institutional investor from France known as Xavier Giraud, as well as local property investor, Daniel Rene Capital Partners.

The new owners plan to convert this property from what today is office space into luxury residences. Stay tuned for more news regarding the specifics and timeline to be put in place for the residences at 39-41 Mount Vernon Street in Boston’s picturesque Beacon Hill.

More Information: Boston Business Journal

Massachusetts Real Estate: New Record for Pending Home Sales in July

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Pending Sales for Single-Family Homes rose for the 17th consecutive month when compared year-over-year

The Massachusetts real estate market continued to be on quite the impressive tear over the month of July, reports the Massachusetts Association of Realtors. What was just released was that single-family homes sales put under agreement (also known as pending sales), increased in July over July of 2013.

There was a massive 17% increase in this year-over-year comparison, bumping pending sales from 4,554 across the Bay State during last year’s July, to 5,339 this year. This also marked the 17th straight month where there have been annual monthly increases in pending sales.

While demand to purchase real estate remained strong across Massachusetts, prices also performed exceptionally well. The median sales price for single-family properties that had pending sales last month rose by 3% from $350,000 during July of 2013 to $360,000 during July of this year.

Peter Ruffini, the President of the Massachusetts Association of Realtors, came forward to comment on yet another successful month for the industry, “It’s no surprise to see buyer demand continue its strong pace into the second half of the year. Combined with the fact that new listings to the market were up significantly in June, this should translate into good year-over-year sales numbers for July.”

Transitioning from single-family homes to condominiums, they too excelled. Condos placed under agreement last month climbed by 9.9% to 2,046 units compared to just 1,862 units in July of 2013. This also marked a monumental breakthrough as it was the most number of pending sale condominiums Massachusetts has ever seen since July of 2005.

Prices for condominiums followed this positive as median prices rose from $312,000 to $320,000, representing a 2.6% hike. Given how well the market has performed thus far in August, it seems likely that once this months final numbers have been released, more success stories are to follow suit.

More Information: Boston Business Journal

Sotheby's International Realty: Brand Opens another Texan Office

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Kuper Sotheby’s International Realty has expanded in Austin, Texas

Sotheby’s International Realty Affiliates LLC has just announced today that the firm has opened yet another branch. This time, we have expanded in Texas as Kuper Sotheby’s International Realty has acquired Amelia Bullock Realtors in Austin. The two locations that Amelia Bullock Realtors operated in Austin will now do business under the name Kuper Sotheby’s International Realty.

Harry J. Kuper, the Broker/Owner of the firm, now proudly is represented in eight offices throughout Texas with three others in San Antonio, one in Boerne, and four total in Austin. Kuper noted that this expansion will help solidify the brand’s position as a market leader, “As Austin becomes an even greater international city, the support of the Sotheby’s International Realty brand has become that much more critical,” he said.  “We see extraordinary value in this brand and the tools and resources it provides.  We proudly welcome Amelia Bullock Realtors’ associates to our organization and their longstanding reputation for excellence.”

Philip White, the President and Chief Executive Officer of Sotheby’s International Realty Affiliates LLC, then noted, “Kuper Sotheby’s International Realty has earned a reputation for quality service. Amelia Bullock is a family-owned business like Kuper Sotheby’s International Realty and has been operating for 45 years.  Together, I believe that the combination of these two outstanding firms will make an even greater impact in the Austin market.  We are proud to now have a total of 22 Sotheby’s International Realty offices in Texas.”

Our network now extends to over 52 countries and territories worldwide with 720 offices represented by 15,000 brilliant sales associates. We at Gibson Sotheby’s International Realty would like to wholeheartedly congratulate Kuper Sotheby’s International Realty for this accomplishment.

For other Sotheby’s International Realty office openings that have occurred recently, please see the various links below:

More Information: Sotheby’s International Realty

Boston News: Temporary Park coming to the Boston Convention & Exhibition Center

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An artist rendering of “The Lawn on D,” a 2.7-acre outdoor event space to open next week adjacent to the Boston Convention & Exhibition Center

There is never enough green spaces, and now another gorgeous one is soon to open in our beautiful city of Boston. As a result of the expansion plans slated for the two hotels by the Boston Convention & Exhibition Center, a temporary park is now slated to be ready to open by this coming Saturday, August 16th.

To be known as ‘The Lawn on D’, this 2.7 acre lot of land is uniquely designed to be able to host a variety of events and gatherings. The property is to be used to encourage public engagement, foster creativity, and test opportunities for integrating into the BCEC with music, food, games, beverage programs, arts, and other community programs.

This space will be an experimental, interactive outdoor venue that will be the first of its kind in Boston. The property will only be open for roughly 18 months, however, with the programs to be held here appropriately changing with the seasons.

Some of the ideas for the park will be for performing arts, live music, park benches, art exhibitions, bocce courts, lounge chairs, lawn games, free Wi-Fi, ping-pong tables, and more.

James Rooney, the Executive Director of the Massachusetts Convention Center Authority, once shared that, “It’s kind of experimental. We’ll have the ability for flexible framework, to have a tent, paved areas, grass areas and we hope to keep it open for 18 months.”

More Information: Boston Business Journal

Copley Place Residences: Back Bay Tower selects ODA Architecture for Interior Design

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An artist’s rendering of the interior of the expanded Copley Place

One of the most highly anticipated luxury residential towers that will ever be built on the east coast of the United States has just made another giant step forward. ‘Copley Place’, the 52-story, $500 Million project, has just selected New York-based ODA Architecture to design the amenities, public spaces, and interiors of this stunning development.

Located at 100 Huntington Avenue at the edge of the Back Bay and South End neighborhoods and will rise above Copley Square, the tower will be built above what is currently Neiman Marcus that borders Dartmouth Street.

This massive mixed-use development will stand as one of the tallest in the entirety of Boston. It was approved last year by the Boston Redevelopment Authority, and will see 109 condominiums, 433 apartments, and 115,000 square feet of first-rate expanded retail and restaurant space added in a gorgeous all-season glass enclosed atrium.

The search for a firm who would be primarily in charge of the interior design was certainly an extensive process. The developers, the Simon Property Group who are the nation’s largest shopping mall owner, noted that ODA Architecture emerged as the ultimate choice for establishing a new residential experience for the Back Bay. Their experienced backed by their cutting edge interior design services for hospitality, luxury residential, cultural, and commercial projects were second to none.

Gaylon Melton, the Vice President of Design at the Simon Property Group, shared that, “We were looking for a rising star in the design world that could deliver a new definition of interior luxury for this iconic building,” he said. “And we believe ODA is key to bringing a whole new luxury lifestyle to Boston.”

The lead architectural firm for the master planning of the facility is Elkus-Manfredi Architects. They are responsible for the exterior design of the residential tower, the atrium, and the expanded retail space.

The groundbreaking for this spectacular endeavor is slated for spring of 2015.

More Information: Boston Business Journal

Sotheby's International Realty: SIR.com Exceeds 1 Million Visits in July

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Our corporate website reached over 1 Million views for 1 single month for the first time in our history

The Sotheby’s International Realty brand is truly extraordinary. Founded on the same commitment to exceptional services that characterized the Sotheby’s Auction House more than two centuries ago, our SIR brand is now known around the world for representing the most distinctive properties. We do so in now more than 720 offices worldwide within 52 countries and territories, all with a dedication to a consistent white glove service that our brand’s 15,000 plus sales professionals uphold on a daily basis.

Recently, our corporate website, sothebysrealty.com, also known more simply as sir.com, surpassed 1 million visits in a single month for the first time in its history! July of 2014 saw 1,042,043 visits to sir.com, which is a 15% increase from July of 2013. This major milestone is something we can all take pride in and is another significant achievement for our incredible brand- which is indicative of our quality and consistent growth over the years. Traffic to sir.com has been steadily trending upwards for the last six years, with the largest jump in traffic growth occurring over the last two years. The major contributors to this great achievement have been our overall growth as a brand, our strategic marketing partnerships with the most significant media companies in the world, and our continuous search engine optimization and advertising efforts that place sir.com in the top positions within search engine results.

Indeed, the best is yet to be for us here at Gibson Sotheby’s International Realty and our entire Sotheby’s International Realty network.

Massachusetts Fallen Heroes: $8 Million Seaport Square Park to Honor Fallen War on Terror Soldiers

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An artist rendering of the $8 million park for Seaport Square to honor fallen Bay State soldiers in the war on terror

A gorgeous, $8 Million park is to be built at Seaport Square to honor the fallen men and women soldiers from Massachusetts who lost their lives fighting the war on terror. September has officially been tabbed as the groundbreaking month.

The Massachusetts Fallen Heroes, an advocacy group that is comprised of firefighters, war veterans, and police officers, will be hosting the groundbreaking ceremony on September 10th of this year.

The completed park will feature a reflecting pool and a massive 50-foot memorial at Seaport Square Park between Northern Avenue and Seaport Boulevard in Boston’s rapidly developing Seaport District. The five-sided translucent structure is described by the Boston Business Journal, saying that, “…the sun is captured and reflected across the green space and will transition to an internally lit beacon at night. The memorial will also feature an indoor interactive space housing artifacts and memorabilia that veterans of post 9/11 conflicts brought home from battle.”

In total, there have been upwards of 180 individuals hailing from Massachusetts who have lost their lives fighting for our freedom in the war on terror.

Chris Lessard, a firefighter out of Newton who is the Massachusetts Fallen Heroes’ Program Director, noted that, “All the naysayers said it would take us 20 years to get this done, but since we started in 2010, we’ve received lots of support from many people for us to do this. Now, we’re ready to break ground on the day prior to the 13th anniversary of September 11, 2001 and we’re hoping that this will be a model that will be emulated nationwide.”

John Hynes, the CEO and Managing Partner of Boston Global Investors, has played a significant role in helping to get this vision off of the ground. Not only from donating $6 Million towards the cause, but Hynes is also donating the land, of which he owns 23-acres in this area of the Seaport. The State of Massachusetts have allocated $250,000 towards this endeavor, while the Massachusetts Fallen Heroes have reached out to other private sources for an additional $2 Million worth of funding.

Upon completion, this public memorial will represent the first permanent memorial throughout the entire country for individuals who have fallen as a result of the war on terror. We are proud to say that this will occur right here in our beloved city of Boston.

More Information: Boston Business Journal

Sotheby's International Realty News: Brand Moves into Northern India

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North India Sotheby’s International Realty is the newest affiliate to our network

Sotheby’s International Realty has started the Third Quarter off triumphantly as we have now entered into a strong market in Northern India. Signing an agreement with RealPro Infra Private Lt., our brand in North India will now operate as North India Sotheby’s International Realty.

Amit Goyal is the Chief Executive Officer and Co-Owner of this new affiliate, which will serve the luxury residential real estate market in the region. Goyal shared that, “We are delighted to become part of the Sotheby’s International Realty worldwide network. The luxury residential real estate market in India is beginning a period of expansive growth and the Sotheby’s International Realty brand will meet the needs of high net-worth individuals internationally looking for luxury homes in India and overseas using the brand’s global platform. We also envision future appointments of exclusive representation of luxury residential properties.  India’s luxury residential market is poised to grow rapidly, supported by strong economic growth, and we are in an ideal position to lead this growth by leveraging the Sotheby’s International Realty global platform.”

Philip White, the President and Chief Executive Officer of Sotheby’s International Realty Affiliates LLC then noted that, “Northern India is one of the most exciting, beautiful and fastest growing markets in the world, with a developing luxury real estate market. Expansion into India was one of our core objectives for this year, and I am proud to welcome Amit and his team to our global network.”

The Sotheby’s International Realty network now is proudly represented in more than 720 offices within 52 countries and territories that encompass 15,000 independent sales professionals. We at Gibson Sotheby’s International Realty would like to congratulate Mr. Goyal and the entire North India Sotheby’s International Realty team for this wonderful accomplishment. We look forward to working with them in the near future.

For other Sotheby’s International Realty office openings that have occurred recently, please see the various links below:

More Information: Sotheby’s International Realty