Harvard Business School professors are apparently clamoring for condos that would cost them $800 a square foot off Harvard Square. That's according to Raj Dhanda, owner of Neena's Lighting, increasingly mogul-ish Hub landlord, and the developer of the building at 1075 Massachusetts Avenue. To recap:
· Dhanda bought the single-story retail building in 2009 for $3.5 million.
· He soon won city approval for a glass-covered addition with 20 apartments. Dubbed the Sundance, it was the first speculative apartment building announced for the Harvard Square area in 20 years.
· His lender, TD Bank, financed rentals, but Dhanda now tells The Herald's Greg Turner that brokers assure him he could get $800 a foot on average for condos ranging from 700-square-foot studios to 1,300-square-foot three-bedrooms.
And! "They can be combined," Dhanda said. That's where the H.B.S. profs from just across the river come in: The developer has received "inquiries" from faculty who want to combine units. These inquiries may lead to condo sales in the next few months as the Sundance is supposed to be finished by this August.
· 'Voice' of Neena's Now Touts Condos [Herald]