News
More Than One B.R.A.
February 7, 2012
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| Boston Realty Advisors principal Jason Weissman, here with Kristy Ganong, tells us that the boutique brokerage (admirer of kissin' cousin the Boston Redevelopment Authority) closed last week on the latest in a string of sales on Newbury Street, this time at 225-227 Newbury St. The price tag: $8.8M (that's $952/SF). Norman Levinson?s Copley Group purchased the retail/residential buildings from the Mt Vernon Co, which bought them for $1.3M in '94. Signaling just how hot Boston real estate is now, Jason says BRA fielded bids from investors worldwide. Sometimes, though, timing is paramount. BRA sold a Kenmore Square property last fall for $3.5M for KIMCO, which paid $5.5M for it in ?07. |
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| Jason?s partner Chris Sower spoke to us even though he was busy with wife Liz last week. They greeted new arrival daughter Maxine Honora Sower. Congratulations! Chris tells us that he and Jason just brought to market a portfolio of two buildings with 53 apartments on JFK Street in Harvard Square. It's rare that multifamily buildings come up for sale in this location. So it's not surprising that the portfolio, in the same family since 1918, has attracted 125 groups to look it over. Asked if Harvard was among the shoppers, Jason offered a judicious ?no comment.? |
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| Now in its tenth year, BRA has a team of 30, including partner Wil Catlin Jr. and director Jeremy Freid who handle commercial properties downtown and in the suburbs (Rt 128/Mass Pike); places like Newton and Waltham. This year, the firm's on track to better its ?11 performance of $90M in sales. Already in ?12, it's nearing $20M in sales closed. Some say there's a multifamily bubble, others say the sector is just recovering. Either way, Jason is confident that even when the market changes, there will be a ?bottomless? investor appetite for Boston apartment buildings because of the high barriers to entry: pricey sites, involved permitting, and extensive neighborhood vetting. |
