The news flash on Yahoo.com reported yesterday, 3-31-09, that Boston's tallest skyscraper "sells in bargain basement."
The building sold in NYC today for $660 million at a foreclosure auction. Two years ago it went for $1.3 billion.
The big question now is the $660 million a true rock-bottom real estate bargain basement price?
The landmark property is assessed at $660,443,500, and it's owners paid the City Boston $17,900,352. in taxes. ( According to my math this equals about $8.59 per square foot of gross building area).
The building was built in 1976, has 62 levels containing 2,082,040 square feet. For those who like real estate trivia the building is 790 feet high and contains 10,344 panes of glass.
Sign of the times: another building sells at assessed valuation! The Boston assessor's will say it went for Fair Market Value but until we know the actual income and expense numbers, who knows.
A little research tell us that back in the old days of 2003 the building was sold by the insurance firm to Beacon Capital Partners LLC for more than $900 million. ( or $432.00 psf).
Is this recent 2009 sale of $330.00 per square foot a high or low number?
Time will tell.
Bill McInerney, Realtor
BUYING OR SELLING? CALL BILL MCINERNEY 617 816 3933
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