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Old 09-26-2006, 05:49 PM   #1
bostonman
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New Development Over Greenway

Hudson Group Pays $9M for Greenway Building By Beverly Ford Email this story | Printer-friendly | Reprints

BOSTON-A six-story building with a prime location overlooking the Rose Fitzgerald Kennedy Greenway has been acquired for $9 million by an Israeli investor. The new owner plans to raze the existing structure and build residential units on the block-long parcel.

Hudson Group North America, LLC beat out several other investors, including national and local developers, to take ownership of the 120 Kingston St. property in what a broker involved in the sale described as ?a highly sought after? offering.

Biria St. John, with CB Richard Ellis/New England, tells GlobeSt.com that the buyer was selected over another $9-million bidder because of its strong financial backing and their ability to close the deal. ?It was highly sought after,? St. John says of the 55,000-sf property. ?It?s really the only full block development site right on the Greenway and that was a real highlight of this deal.?

Hudson Group plans to raze the property, which was valued in 2004 at $3.3 million, and build residential units on the block-long, 14,447-sf commercially zoned site. Plans for that project are still in the preliminary stages pending approval of the city, St. John notes. Officials from Hudson Group could not be reached for further comment by GlobeSt.com.

The building?s Greenway site and unobstructed views made for some tough competition, especially from developers eager to own a location within walking distance to Downtown Crossing, South Station, the Boston waterfront and both the Theater and Financial Districts, he says. ?There aren?t too many opportunities in Boston to have full views, and this has tremendous views overlooking the Greenway,? St John notes.

The seller, Kingston 2002 Realty Trust, was represented in the sale by St. John along with Simon J. Butler, David Fitzgerald, Chris Sower and Michael Byrne, all with CB Richard Ellis/New England. The brokerage team also procured the buyer.
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Old 09-26-2006, 06:10 PM   #2
Mike
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i'm pretty sure that is the building seen on the far right here:

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Old 09-26-2006, 06:52 PM   #3
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The project sounds interesting but time will tell (and I'm sure Chinatown will LOVE this idea).

I also really like this image, something about the birck buildings and the new towers in the distance.
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Old 09-26-2006, 07:28 PM   #4
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I'm curious to see the density and height of this development.
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Old 09-26-2006, 07:39 PM   #5
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As I mentioned in my blog ...

?There aren?t too many opportunities in Boston to have full views, and this has tremendous views overlooking the Greenway,? St John notes.

WTF????

Help me out here. Exactly what views are there? Out the front, you have a four lane surface artery. To the right (if you are in the building) you have a bunch of four-to-five story buildings. To the left is the State Street building.

Where are these "views"?
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Old 09-26-2006, 08:15 PM   #6
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Two more views of the presumed building. Chinatown may not love it, but they may prefer it to the fugly brick walls they're looking at now. This news and the Congress St garage thread make me wonder how much longer the Chinatown garage will be around.



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Old 09-26-2006, 09:13 PM   #7
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The view is of the new Chinatown park which is still in the early stages of construction.
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