News
Newbury Street Never Better
August 9, 2012
| The slow economy may humble some retail districts, but Back Bay/Newbury Street stores are performing better than ever, says Michael Jammen, principal at UrbanMeritage and a panelist atBisnow’s 2nd Annual Retail Summit, Tuesday, Aug. 14 at the Westin Waterfront. Register here! | |
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| Michael says that the Newbury Street vacancy rate is lower than ever, at 3.5%, and rents “on certain blocks” have hit record highs. The surviving retailers are strong and expanding, aided by the vibrant Boston economy, and lofty demographics of the Back Bay. Michael and partner Vin Norton, as most will remember, assembled a portfolio of 28 Back Bay properties in a JV with Taurus Investments that was purchased by Jamestown Properties last fall for $226M. Michael and Vin are now assembling a new fund with new partner Novaya Ventures, aiming at $200M, to buy more of the same. As he says, “there’s still 85% of Newbury Street to work on." | |
