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Manhattanization of Boston Real Estate Continues Unabated

We told you way back in August that Boston's first $20,000,000 condo sale was not too far around the corner. Within about two months came news that the topmost penthouse at the under-construction Millennium Tower in Downtown Crossing was asking $37,500,000. And! That a trio of penthouses in the same tower had traded for more than $9,000,000 each. The comparisons to Manhattan, where $20M is increasingly chump change and $9M certainly is, abounded.

Now comes word that the Mandarin Oriental is converting 25 of its luxury rentals into luxury condos likely to command more than $2,000 a square foot. (The march of the Great Luxury Apartment Pivot also continues unabated.) Nineteen of the 25 to be listed by Jeannemarie Conley of Otis & Ahearn are 2-BRs; the rest have one bedroom. They range in square footage from around 930 to 1,625, which means the biggest could in theory trade for well over $3,000,000. Three mill for 1,600 square feet, give or take? As Larry Rideout, CEO of Gibson Sotheby's, told The Globe's Casey Ross: "It's really amazing to watch. We're starting to get almost a Manhattan feel with some of our real estate." Almost.
· Mandarin Oriental to Convert 25 Units to Luxury Condos [Globe]
· Boston's First $20M Condo Is Closer Than You Think [Curbed Boston]
· Millennium Tower's Floor-Through Penthouse Asking $37.5M [Curbed Boston]
· What to Watch This Fall in Greater Boston Real Estate [Curbed Boston]
· Three Millennium Tower Penthouses Sell for Over $9M Each [Curbed Boston]

Mandarin Oriental, Boston

776 Boylston Street, Boston, MA 02199