Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

BOSTON-For the first time since the 1990s, a developer will auction off the remaining condominiums at his luxury Downtown project, hoping to cash in with buyers looking for a bargain.

“The average price per sf for these available units has been slashed by as much as 45% compared to today’s asking prices,” says Jon Gollinger, managing director of Velocity Marketing, which is handling the auction for the developer of the 14-story Folio Boston project at 80 Broad St. “These release prices have not been seen in this market in over a decade.”

The auction, which takes place Oct. 7, will feature 34 units, including 11 penthouses, at minimum auction prices that start at $325,000 for a one bedroom that is currently being marketed for $480,000, up to $1.025 million for a two-bedroom with a wraparound terrace and water views that is currently valued at $1.76 million.

“We have sold two thirds of the units at our full asking price, so clearly the project has been a success,” says Michael Rauseo, managing member with the property’s owner, 80 Broad Street, LLC. “Now that construction of this exceptional building is complete, it is time to move on.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.