Not many Newbury Street buildings are owner-occupied, according to Diane Keliher of Keliher Real Estate.
But the handsome brick building next door to her office has undergone a remarkable transformation since the developer, 249 Newbury Street LLC, acquired the property 16 months ago. Today it stands as a gem between Fairfield and Gloucester streets in a neighborhood of boutique businesses, fine restaurants and residential condominiums.
Keliher politely says the building was in disrepair. Walls were crumbling, and the floors were unsafe, it took several months to secure all the necessary approvals and permits before work could begin to develop the building as two commercial spaces and two residences.
The exterior with its paneled brickwork and multi colored slate roof was restored, and Dominic Espositio, a South Shore stonemason, replicated the carved sandstone lintels of the building next door. According to Bainbridge Bunting's "Houses of Boston Back Bay," John Brigg, designed both 249 and 251 Newbury St in 1881.
The landscaping around the terrace that leads to the lower level commercial space is new, as is an elevator with handicapped access to the two commercial spaces. Rich Tinory of Tinory Construction of Cape Cod and the South Shore was general contractor.
Last week, Tinory and his crew were putting on the final touches of the units.
Keliher said a couple from Mexico City bought the two upper floor condos, one for themselves for $875,000, which has two bedrooms and a private roof deck and 989 square feet of living space, and the other for their two sons who are attending Bentley College and Suffolk University. That condo, which has two bedrooms and a private deck with 826 square feet, cost $715,000.
These units boast ceiling heights of at least 10 feet, and the penthouse has a skylight in the living room, which also has a gas fireplace, and a large skylight/hatch to the roof deck. Both condos have top-of-the-line stainless steel kitchen appliances, which boast beautiful granite counters and sleek cabinets and marble-tiled baths.
Time and Time Again owner Shane Corley of Shane Corley of Shane Frederic Inc. bought one of the commercial spaces for just over $1 million. Corley, who sells and repairs high-end watches, welcomes having additional space for his shop where he will display items in antique showcases that once belonged to a pal of Al Capone. Corley bought them from a Boston jeweler who years ago had purchased them at U.S. Marshal's auction. A jeweler, Sarkis Sajonian, will occupy part of the new space.
Keliher says Mark Giuliano of Highlights Hair Salon will move into the space on the ground level. Doug Marr, who works with Keliher, handled the commercial sales.
These business owners already had shops on Newbury St, she says, and now they will be paying mortgages instead of rents for about the same amount of money.
Published: August 26 2006
