Archive for the 'Boston Commercial Real Estate' category

100 people attended Tuesday evening's Urban Apartment 2.0 panel presented by NAIOP Developing Leaders. Our own Chris Sower served as the moderator for the discussion that covered the current multifamily market and what is in store for the future.

Panelists included: Kevin Ahearn, President, Otis & Ahearn, Inc; Scott Dale, Vice President, Avalon Bay Communities, Inc.; and Patrick McMahon, Vice President Development, Northeast Region, Simpson Housing.

Exciting things are happening in Boston's multifamily market: over the next 24-48 months, an additional 4,500 apartment units are predicted, including Avalon Exeter and Atlantic Wharf. With demographics are trending toward the Gen Ys and empty nesters, smaller units are the norm to fit within a price point. Development amenities are incuding better space solutions, basketball courts, and outdoor space.

If you would like specifics about the apartment development climate, please email Chris Sower.

As I am sure many of you have read, Boston is undergoing several transformations throughout several of its neighborhoods. Some are undergoing new additions, while others are getting renovated.

Here is an inside look with David Manfredi, principal of Elkus Manfredi Architects, whose firm happens to be one of which that is highly involved with several current/upcoming projects.

"Given all the development in places like Dudley Square, the Fenway, and the South Boston Waterfront, how do you expect the design and atmosphere of the city to change in coming years?

We’re very fortunate, planners and architects especially, to be in Boston. There is activity here, and there are large parts of the country where there’s not nearly as much activity. What’s exciting is that we have this incredible waterfront that sits right next to our downtown, and there is a lot of development there now. It’s not like we’re building at the edges; we’re building so close to the heart of everything." ...Read more HERE (photo credit boston.com) 

photo credit: Boston.com

New Construction in Back Bay, Underway?: "AvalonBay Communities Inc. is expected to start construction today on a 28-story apartment building on Exeter Street in Boston’s Back Bay" Read More

Former Govenor's Cambridge Home up for Sale for 5.5 Million: "The 15-room, eight-bedroom, 4 1/2-bath “Arthur Astor Carey House” at 28 Fayerweather St. went on the market during the middle of last week. The seller is Susan Roosevelt Weld, the former governor’s ex-wife. She now lives in Washington." Read More

Amanada Knox is Headed Home to the USA a Free Lady: After being in an Italian prison for 4 years, "Knox sobbed at the news conference and held her mother's hand as her lawyer Theodore Simon said her acquittal "unmistakably announced to the world" that she was not responsible for the killing of Meredith Kercher." Read More

Citybizlist.com recently featured Boston Realty Advisors (BRA) in an article about the realty company's announcement that the owners of the historic Brownstone at 86 Commonwealth Avenue have decided to use BRA to sell the property.

One really could not ask for a more beautiful building in downtown Boston.  86 Commonwealth is a four-story (including the basement) French, Academic style, brick brownstone with tandem parking for six cars. Designed and constructed by acclaimed architect T.P. Briggs in 1877, this building is rich with historic detailing that is difficult to find and gives residents and visitors a feeling of deep, historic luxury.  How often do you come across hand carved marble mantels, wainscoting, mahogany staircases, and ornamental crown molding all in one home? You'll find all of that and even more ornate touches at 86 Commonwealth.  

According to Jason Weissman, BRA Principal and Founder, "86 Commonwealth has so many potential uses, it could be an incredible condominium conversion, or potentially a single family."  Boston Realty Advisors is currently offering tours of the property by appointment to qualified buyers.  If you would like to schedule an appointment, contact Boston Realty Advisors.

View the original article on citybizlist.com

photo credit: boston.com

New Retail & Apartment Complex Planned Near TD Garden: Construction is set to start next week on a new complex known as "The Victor." It will be housing 286 apartments, new restaurants, and 138 parking spots. The creation of this new complex will significantly increase the Boston real estate value in the area. Read more at [Boston.com]

Boston's Union Oyster House Turns 185 Today!: "For Daniel Webster, a light lunch at Boston’s Union Oyster House meant devouring at least six plates of oysters, tossing back a tall tumbler of brandy, and washing it all down with a glass of water - all while holding forth on current events."...Contiune reading [Boston.com]

Best Ice Cream Joints in New England: With the days of summer slowly slipping into fall, start enjoying every single day that is left of summer the best way you possibly can - with ice cream of course! Check out all of these delicious ice cream destinations throughout Boston at [Boston.com]

Recently, Boston Realty Advisors' principal and founder Jason Weissman was featured in New England Real Estate Journal as well as Banker & Tradesman for selling two retail properties in Beacon Hill. The two properties were located at 125 Charles St. and totaled 2,073 square feet. The final sale price was $1.4 million to Charles Avenue LLC who was represented by Chuck Silverston of Prudential Real Estate. Weissman represented the seller, 125 Charles, LLC.

Boston Realty Advisors (BRA) was featured in the July 15th, 2011 issue of The Real Reporter because they are currently handling two exciting listings in Back Bay that will prove to be great rehabilitation projects. 

493-497 Commonwealth Avenue

Formerly the JS Waterman Funeral Home, BRA's listing at 493-497 Commonwealth Avenue has been out of use for several years, and is finally going to be brought back to life.  It is a 19,500 building currently in "shell condition."  This makes the building a blank canvas.  It may possibly become a residential space, but the central location could make for great offices or other forms of commercial space.  The building is right on the edge of Kenmore square, which is a great area and will soon benefit from major improvements to Boston's Green Line.  Boston Realty Advisors has not announced any definite details of a deal, but whatever happens, Kenmore square will soon have a new great space.

463 Beacon Street

Just a few blocks away, this beautiful building is currently a 20-room lodging house offering nightly and weekly rates.  This property may stay as is, but according to BRA founder Jason Weissman, it is possible that the space may work as a single household.  He also told The Real Reporter that converting the space to condominiums could be a viable and possibly more valuable solution.  The building has 2,400 square feet of frontage on Beacon street, easy access to Massachusetts Avenue and a slew of prestigious Universities, and six parking spaces in the rear.

Interested in these listings or looking for more information on buying or renting real estate in the Boston area?  Contact Boston Realty Advisors today!

2010 has marked the return of the large office trades. Here are some notable deals:

Boston Properties now owns the Iconic John Hancock Tower in Boston, MA

111 Eighth Avenue, NYC - $1.8B
Google purchased the asset at a 5.5% cap OR $618 PSF

John Hancock Tower, Boston - $930M
Boston Properties purchased the asset a 6.5% cap rate going in or $540 PSF

300 N. Lasalle, Chicago - $649.8M
KBS purchased the asset for a 6.2% cap or $499 PSF

Landmark Center, Boston - $530M
Samuels & Associates purchased the asset for a 5.7% cap or $558 PSF

(Market Data supplied by Real Capital Analytics)

Our prediction for 2011. Watch for core assets cap rates to continue to compress. We may see some sub 5% cap rate trades of core office assets in major Eastern Seaboard cities such as Boston, New York and DC. Large core multifamily assets will continue to have sub 5% cap rates for choice assets, while retail assets cap rates may return to peak 2007 levels. Core retail assets such as dominant supermarket anchored centers and necessity based centers such as well located CVS's and Walgreens will lead the charge.

To learn more about what your commercial asset is worth, please contact us.

Bed bugs are back, and may even be living in Luxury Buildings in Boston!

1. Receive a thorough inspection by a qualified exterminator, who will confirm the identity of the pest.
   
   
2. Seal cracks & crevices in walls and floors.
   
   
3. Secure loose wallpaper and eliminate other areas of insect harborage.
   
   
4. Properly treat or remove infested furniture.
   
   
5. Mark infested items that are thrown away so others will know not to bring them into their home and spread the infestation further.
   
   
6. Frequent laundering of bedding and clothing during extermination process.
   
   
7. Frequent vacuuming of carpets and steam cleaning of furniture and mattresses during extermination process.  

 

1. Never pick up free roadside furniture (it may be tempting, but it isn’t worth the risk).
   
   
2. When traveling, make sure to keep your clothing in your luggage and your luggage in the bathtub (this may sound strange, but bugs have a hard time crawling up slippery surfaces).
    
3. Bed bugs like warmth, they have even been known to enter laptops and DSL ports.
   
   
4. When looking for bed bugs pay more attention to wood and upholstered furniture. Bed bugs seem to prefer wood and fabric over plastic and metal. Pull back the sheets from the mattress and look for bugs along the seams or tiny blood spots on the mattress.  Also look along the edges of the box springs and in the seams of the bedding.  You might also smell a strong musty smell. 
   
   
5. Many pest control services employ the trained nose of a rescue dog (often a beagle) to sniff out live bugs and viable eggs. Make sure that you check out the dog’s credentials, however. There have been a few instances of people trying to pass off the family pet as a super-smeller. 
   
   
6. Bed bugs are not known to transmit any infectious disease. The bites look very similar to that of a mosquito or other blood-sucking insect. Some bites may be unnoticeable while others might turn into larger sores. 
   
   
7. To treat a bed bug bite, treat the area with antiseptic soap to reduce the infection. Don’t scratch!  If it becomes infected, contact your health provider.