We have it on good authority that the recently ground-broken Avalon North Station just behind the similarly named transit hub could ask around $10,000 a month for its penthouse apartments.
AvalonBay Communities is developing the 415-foot, 38-floor tower, one of the tallest new ones in Boston in a long time. That firm is also the force behind the Avalon Exeter, the 28-story building that opened at 77 Exeter Street in Back Bay earlier this year. Its 16 penthouses started at more than $9,000 a month and it had 3-BRs asking just over $10,000. Before the Avalon Exeter's official leasing even started in February, one-quarter of its 187 units were leased, deposits included. In other words, the specter of $10,000 apartments did not dissuade prospective tenants.
Now Exeter Street in Back Bay is not Nashua Street in the West End. Who knows how fast Avalon North Station's 503 apartments will go? Or for how much in the end? It's just that $10,000 a month is already an established precedent, a hard number not beyond the pale of possibility for a Boston penthouse. Nothing is beyond the pale of possibility anymore for a Boston penthouse.
· New Name, Groundbreaking Date for Nashua Street Residences [Curbed Boston]
· Mapping Boston's Tallest New Residential Developments [Curbed Boston]
· The Market Loves Avalon Exeter and Its $10K Apartments [Curbed Boston]
· Three Millennium Tower Penthouses Sell for Over $9M Each [Curbed Boston]