Kimberly Blanton comes out of hibernation long enough to post an article today, with news that the long, lamented Longwood Towers project is going to auction.
Source: Lender to auction Brookline project: Longwood Towers hit by housing fall – By Kimberly Blanton, The Boston Globe
The Longwood Towers complex in Brookline is being seized by its mortgage holder, which said it plans to complete its conversion from apartments to luxury condominiums.
IStar Financial Inc. said in statement yesterday that it started foreclosure proceedings on the project and has scheduled a May 8 auction, when it plans to take possession of the property.
This project has always seemed like a lemming, to me. I have not been inside, which in of itself is probably a sign of its problems. But, what I hear is that the units were broken up oddly. But, really, the problem was pricing. It was too high for what the market would support. And, the condo fees were ridiculous. You can’t beat the location, if you work anywhere near the Longwood Medical Area, but that wasn’t enough, apparently.
Plus, how long can this conversion take??? It seems like its been years (it has been, of course).
The building used to be rentals; maybe there was a reason for this?
Oh, and by the way, what the devil is going on with HarborView? The thing is just sitting there … do they want to sell it or what?