Boston Back Bay Real Estate
UrbanMeritage has purchased another property on Newbury Street, this time 205 Newbury Street for $8 million. It previously purchased 79 Newbury Street for $10 million.
Now, UrbanMeritage may well be the best landlord on Newbury Street. But think about the numbers: It has an $8 million investment it needs to recoup — and its 205 Newbury Street property has as tenants a poster gallery, a frozen dessert store, a hair salon and an interior designer.
Think of that $8 million in terms of a mortgage — and think what would have to be charged in rents to pay it off.
It doesn’t quite work that way in retail. But you you get the picture about how and why Newbury Street has gotten so pricey.