Longwood Towers Auction
Posted by Nancy Comenitz on Tuesday, March 10th, 2009 at 6:45pm.Sunday April 4th at the Westin Copley at 1:00 o'clock
Istar Financials, owner of Longwood Towers will auction 40 Units
Preview from 3/11-4/3 at 20 Chapel Street, Brookline, MA
Sampling of Units That Will Be For Sale At The Auction
| Unit | Sq.Ft. | Rms | Bed | Bath | Lav | Grg | Minimum Bid Price |
| 706 | 580 | 2 | 0 | 1 | 0 | ? | $199,000 |
| 807 | 814 | 3 | 1 | 1 | 0 | ? | $280,000 |
| 1007 | 1550 | 5 | 2 | 2 | 0 | ? | $535,000 |
| 1001 | 2500 | 7 | 3 | 3 | 1 | ? | $875,000 |
Properties that were for sale in the Multiple Listing Service that could be for sale at the auction
| Unit | Sq.Ft. | Rms | Bed | Bath | Lav | Grg | Condo Fee | List Price |
| C606 | 580 | 2 | 0 | 1 | 0 | 0 | $373.00 | $336,400 |
| C605 | 580 | 3 | 1 | 1 | 0 | 0 | $389.00 | $358,000 |
| C806 | 740 | 2 | 1 | 1 | 0 | 1 | $638.00 | $475,000 |
| C601 | 833 | 3 | 1 | 1 | 1 | 1 | $654.00 | $491,000 |
| C604 | 960 | 4 | 2 | 2 | 0 | 1 | $719.00 | $585,000 |
| B-PH03 | 1540 | 7 | 2 | 2 | 0 | 1 | $1,173.00 | $779,000 |
| B-PH05 | 1520 | 5 | 2 | 2 | 0 | 1 | $1,270.00 | $789,000 |
| C603 | 1553 | 5 | 2 | 2 | 1 | 1 | $1,124.00 | $995,000 |
| C609 | 1720 | 5 | 2 | 2 | 1 | 2 | $1,259.00 | $1,225,000 |
| B811 | 2460 | 7 | 3 | 4 | 0 | 2 | $1,844.00 | $1,341,250 |
| C801 | 2500 | 7 | 3 | 3 | 1 | 2 | $1,730.00 | $1,925,000 |
| Units Pending | |||||||||||||
| Unit | Sq.Ft. | Rms | Bed | Bath | Lav | Grg | Condo Fee | Ist Price | List Price | Listed | U/A | ||
| C409 | 780 | 3 | 1 | 1 | 0 | 1 | $606.00 | $491,399 | $491,399 | 11/20/08 | 11/20/08 | ||
| C405 | 580 | 2 | 1 | 1 | 0 | 0 | $389.00 | $348,000 | $348,000 | 12/19/08 | 1/13/09 | ||
| Units Sold | |||||||||||||
Unit | Sq.Ft. | Rms | Bed | Bath | Lav | Grg | Condo Fee | Ist Price | List Price | Listed | U/A | Sold | Sale Price |
| C607 | 1010 | 5 | 2 | 2 | 0 | 1 | $735.00 | $599,000 | $599,000 | 8/14/08 | 8/26/08 | 10/30/08 | $599,000 |
B905 | 1488 | 5 | 2 | 2 | 0 | 1 | $990.00 | $974,900 | $749,000 | 4/30/08 | 1/2/09 | 1/15/09 | $760,000 |
B-PH11 | 2463 | 7 | 3 | 3 | 0 | 2 | $1,893.00 | $1,775,000 | $1,398,900 | 4/30/08 | 8/26/08 | 11/26/08 | $1,352,760 |
C-PH11 | 2460 | 7 | 3 | 4 | 0 | 2 | $2,055.00 | $2,000,000 | $2,000,000 | 8/27/08 | 8/27/08 | 10/1/08 | $1,725,000 |
| Source: Multiple Listing Service,Banker & Tradesman | |||||||||||||
Short History
Built in 1925, Longwood Towers was the second largest luxury residence hotel in the world. The grand ballroom boasted 1,000 person capacity and the 6,000 square foot Great Lounge room, lined with carved English oak and filled with bronze and marble museum pieces, would always have a roaring fire in the massive stone fireplace. Heavy chandeliers dripped from the ceiling over antique armchairs and oriental carpets. In the 88 suites were famous notables as Dr. Elliot Joslin and Babe Ruth. The Auction Story
In 2005 Radco Cos. of Atlanta and Arcapita Inc.,an investment bank, purchased Longwood Towers for $105 million with the idea of pairing the past with the present The pair launched a $30 million dollar renovation project The team included interior designers Laslie Williams and Terrat-Elms Designs, architects Margolis and Fishman and Tishman Construction. With only 61 of the 257 units sold Radco could not afford to complete the renovations to the 4-acre complex. IStar Financial held the mortgage to Radco and acquired the property in a paper transaction for $30 million on May 12, 2008. IStar brightened the lobby, reduced the number of units in the Belden Tower from 73 to 53 so the units were larger, and made upgrades to the units renovated. In the eight months since IStar purchased the property there have been 14 units sold. There are 14 units still for sale in the Belden Tower, the first tower renovated. The Chatham Tower has 9 of the 68 units sold. The Alden Tower has not had any renovations begun. At this date, 78 of the complex’s 249 units have been sold
Indoor Features and Amenities - Doorman
- 24 Hour Security
- State-of-the-art fitness facility
- Private dining and function room
- Community room
- On-site self storage*
Outdoor Features and Amenities - Exceptional views of the Boston skyline, Longwood medical area, Brookline and the Emerald Necklace
- Private roof decks on selected units
- Across from the MBTA Green Line
This auction will affect the the gravely affect the previous buyers. How does IStar plan to sell the remaining units after running the auction for 40 units. Let me hear your opinion.
- Doorman
- 24 Hour Security
- State-of-the-art fitness facilityPrivate dining and function roomCommunity roomOn-site self storage*
- Exceptional views of the Boston skyline, Longwood medical area, Brookline and the Emerald NecklacePrivate roof decks on selected unitsAcross from the MBTA Green Line
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