Our own Charles Lagasse is heading a group called Boston Boat Basin, which just put in a $9.9 million bid for Boston's North End Marina, Yacht Haven marina.
The real estate paper Banker & Tradesman appears to have the exclusive. You can read all about it here. Tip of the cap to Northendwaterfront.com, a blog focused on the land of my people. (Mom grew up there, which is why I think Newburyport desperately need a real Italian bakery.)
I know nothing about this project, but the article seems to suggest Boston Boat Basin--which shares an address with our own Newburyport Development, owned by Steve Karp and New England Development--paid a pretty penny for the property.
The sale price is nearly $2 million more than the $8 million credit bid that
North End marina's current owner, Northern Bank & Trust, paid at bankruptcy
auction in August. No private bidder came close to matching that price at
auction, with most bidders quitting the action at $5 million.
This clearly shows Karp & Co. have the capital to spend when it makes sense, which makes me wonder why they have shown zero public interest in the Towle project property.
3 comments:
Was the Riverwalk project land impacted by the new FEMA flood maps? Perhaps that is why?
Or maybe it has something to do with the fact that luxury condo developments are are toxic right now?
Wow, Tom - between you and Ed, it's hard to get a scoop anymore! Good job, though.
Good question Bean. Karp certainly has the residential experience withi Pinehills, but that's a crazy differing project.
If I recall, the Towle property is impacted but not as severely as the downtown.
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