A new price record has been set for Boston after a private equity billionaire investor splashed out $35 million for a penthouse at the new Millennium Tower in Downtown Crossing.
John Grayken, originally from Cohasset, Mass., bought the full-floor 13,000-square-foot 60th floor penthouse, which was originally advertised for $37.5 million, according to the Boston Business Journal. Mr. Grayken founded Lone Star Funds in 1995.
The first residents of the 442-unit ultra-luxury tower, the tallest in downtown Boston, moved in last month.
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It is believed to be a price record, but may not be for long as Boston is undergoing its biggest residential boom since the 1920s, drawing the attention of wealthy house-hunters who have traditionally stuck to New York, Miami, Los Angeles and San Francisco.
Leading the pack is the Four Seasons Private Residences One Dalton Street, atop Boston’s second Four Seasons hotel (only a handful of cities—including London and Shanghai—claim more than one), in the city’s posh Back Bay neighborhood.
On top of the hotel, between floors 24 and 61, luxury private condos will be offered for sale and while the official marketing push has yet to be launched and the building is still in early stages of construction, some have already been sold.
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The 699-foot-tall building is being designed by 90-year-old "starchitect" Harry Cobb, a founding partner of Pei Cobb Freed & Partners, responsible for the expansion and modernization of the Louvre.
When completed in the summer of 2018, One Dalton will be New England’s tallest and most expensive residential building, with 165 condos priced between $2 million and $35 million.
In another part of Boston, next to Fenway Park, home of the Red Sox, Pierce Boston will be the neighborhood’s first luxury residential project, with 240 rental properties and 109 condos for sale.
The top floor will comprise a swimming pool and cabanas, while the bottom will feature a high-end restaurant that will cater to residents as well as the public.