Boston Common - Niche Media - A side of Boston that's anything but common.
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View from The Modern 2 Haute Property news, sTars, and Trends in real esTaTe fringe benefits NEW PROPERTIES ON THE EDGES OF THE BEST NEIGHBORHOODS OFFER LONG-TERM GAINS AND TOP-GRADE VIEWS. by janice o'leary F the Seaport. But rom the penthouse levels of The Ritz-Carlton, Boston Common, residents can watch the July 4th fireworks on the Esplanade, tell if the Sox are playing at home, and see if their ships have come in at such multimillion-dollar views—last year Manny Ramirez's former residence there sold for $5.55 million—were constructed in a part of town that is neither Beacon Hill nor Back Bay; they were built in what is now called Midtown, formerly nicknamed our "combat zone." Maybe it took a New York-based developer, in this case Millennium Partners, to see what Boston developers couldn't: the rare opportunity to build three residential towers—two soaring to approximately 40 stories, the third nine stories tall—on the edge of our most famous parks, just a short walk from those best neighborhoods and the Financial District. The loca- tion is actually spectacular, if you can ignore the history (peep shows and prostitution) of that parcel of real estate on the edges of Chinatown, the Theater District, and Downtown Crossing that's not quite a neighborhood of its own. "It was definitely easier for a New York developer to have the them." Millennium also had deep pockets and the ability to wait seven to 10 years for a return on its investment. Now the rest of us have learned the lesson. It's better than okay to invest in luxury properties on the margins of our best neighborhoods; indeed, it's profitable for those seeking long-term gains. And such buildings offer what the most beautiful brownstones cannot—incredible views, concierge ser- vices, health clubs, fine dining, pet care, dry cleaners, and in the case of The Ritz-Carlton, a 19-screen movie theater. "Buyers are attracted to the fringe because the product is new and there is perceived value," says Carmela Laurella, the broker who sold Ramirez's for- mer penthouse last year. "Developers offer amenities like concierges, garage parking, and roof decks, so buyers never have to leave the building." Such might be the case for the most recent success on the outer edge of the South End, The Modern 2. A 37-unit, seven-story new development on Northampton Street between Columbus Avenue and Tremont Street, the building sold out in eight months. Until The Modern 2 went up, vision to pioneer a neighborhood in that spot," says Michael Carucci, man- Massachusetts Avenue was long considered the border of where luxury aging partner of Group Boston Real Estate. "The history doesn't scare continued on page 114 bostoncommon-magazine.com 113 photography by eric levin