The House of Blues Building sells for $24 Million
Right across from Americas Most Beloved Ballpark, Fenway Park of course, is the House of Blues building located at 15-27 and 35-41 Landsdowne Street. This facility, famous for being a superb nightclub, restaurant, and entertainment mecca that has showcased some of the worlds top artists, has just sold for $24 Million to a New York based real estate firm.
This firm, Bay Management Corporation, took out a $14.4 Million mortgage with City National Bank in order to complete this deal. The two adjoining properties total upwards of a staggering 58,000 square feet of space that throughout the years has been constantly updated and maintained. This is significant news for The Fenway neighborhood, as a great deal of investment in the form of new residential, educational, and retail space is also in the works to being built in the area.
The seller, Patrick Lyons of the Lyons Group, bought the building back in 2002 for just $13.75 Million, once again showing how fruitful a long-term investment in real estate can be. Thus far, nothing has been reported on the new ownerships vision for the 2,400-seat capacity property and its current tenant, the House of Blues, which has been there since 2009. With the rising prices in the area, the dedication of the Red Sox ownership to improve the ballpark and its surroundings for the prolonged future, and much more, all signs point to The Fenway continuing to grow and develop as one of the most sought after place to live and play in the Hub.
More Information: Boston Business Journal
