)
Lendlease experienced just how hot East Boston has become when it sold out the first stage of its Clippership Wharf development last weekend.
Forty units in the 80-condominium Slip65 building were released, and buyers snapped them up at prices ranging from $700/SF to over $1,200/SF. Clippership Wharf is Lendlease's first major project in Boston.
"We are proud to see how Slip65 has been embraced by the market and are especially satisfied to be selling condos for over $1.5M in East Boston,” Lendlease general manager of development Nick Iselin said in a statement.
The prices at Slip65 are significantly higher than the $375/SF average in East Boston and fall more in line with those seen in the South End and Beacon Hill, according to a NeighborhoodX report. The average condo price in East Boston rose 52% from $210K in 2010 to $320K in 2015.
Boston’s development spotlight has crossed Boston Harbor from the Seaport into East Boston in recent years. Development firm HYM closed on a $155M deal for Suffolk Downs in May and has plans for a multibillion-dollar development on the 161-acre horse track.
Closer to Clippership Wharf, the Eddy, a high-rise apartment complex, opened in September 2016. The Institute of Contemporary Art also has plans to open a seasonal satellite venue nearby in the East Boston Shipyard.
)
)
)
)
)
)
)
)
)
)
)
)