Newbury St. has been sold for $12.5 million
A building in Bostons 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