Boston apartments, high rise apartments sell for $1.9M (with bonus) in first sale for Tishman Speyer
Tyler Travis, a developer in suburban Cambridge, is the first developer in Massachusetts to sell a building for more than $1 million.
The tower, at the corner of Main and Harvard Streets, includes a 740-square-foot condo with a gym, a rooftop deck, a spa, and two full-service restaurants.
Tishmans Speyer, a Boston-based real estate development firm, purchased the property in November, a year after acquiring a building on the same block for $4.4 million.
Travis told Boston Magazine the deal was “the most exciting thing I’ve done in a long time,” and that he plans to renovate the space.
The project is part of a wave of sales that have helped the high-end market recover after the housing bust.
While the average price of a unit in the U.S. in April was $1,078,000, according to Realtor.com, that is down from a high of $2,878,000 in August 2014, according the American Association of Realtors.
This is likely due to the recent slowdown in the housing market, said Jason Miller, an agent at Tishmacher.
The median price of the city’s housing market was $3,400,000 as of March.
Travis, who started his own real estate firm in 2007, said he is “excited about the next phase of the revitalization of Boston’s waterfront.”
Tishmania is “still in its infancy,” said Miller, adding that the city has the potential to become one of the nation’s fastest-growing metros.
“We can get this project built and it will be a great catalyst for the revitalized waterfront.”
The TishMacher team also includes Robert Kastel, a former New York developer and a managing partner at Boston Properties, and Jonathan G. Brown, a managing director at Realtorp Boston.