Development: Condominium conversion
Address: 6 Newbury Street, Boston, MA
Neighborhood: Back Bay
Year Built: 2016
A broker called Boston Property Ventures (BPV) with a property that was on the market, but had recently fallen out of agreement. The property was part of a newly-constructed shell with 6,000 square feet of open space. It was centrally located in a high-value district, and a combination of its location and the market demand for luxury condominiums suggested this was a prime opportunity for BPV to further establish itself as a developer of luxury condominiums. The ground and second floors of the building were occupied by a Chanel retail location and the other floors had already sold. BPV bought the remaining floor for $7.25 million, with a 70%-30% debt-equity ratio.
Turning an open 6,000 square feet of living space into a high-end condominium provided unique challenges for the team at BPV. The floor plan had to be designed just right, in order to achieve the highest price point. Several architectural plans were designed to accommodate constraints in the original building shell. The final floor plan was executed flawlessly by the construction team, perfectly complementing the location of the unit as well as the available space. The finished unit sold 18 months after acquisition for $11.5 million, the most expensive condominium sold in Boston at the time of sale.