Tag: Paul Ognibene Cohasset

80% Of Condominiums Sold Prior to Completion

Although real or imagined, the flight from the City of Boston due to Covid has become speculation fodder for Paul Ognibene and every developer currently considering a multifamily development beyond Boston’s city limits.  Certainly, examples abound of single-family home developments flourishing in the suburbs surrounding Boston.  However, speculation continues regarding current and post-Covid market trends for more dense developments in suburban cities and towns.  Paul Ognibene believes we have the answer to this important, remaining question:

What is the market for a new multifamily building developed in a suburban downtown location?

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Paul Ognibene, the CEO of Urban Spaces, the development company in joint with Diamond Sinacori, is pleased to announce that BRIX, a new 61-unit condominium building under construction in downtown Salem, has already sold 80% of the units prior to its expected completion in late summer 2021.

Of particular note, Paul Ognibene continued, this has occurred after a pre-completion marketing launch two weeks before Christmas and in the face of a raging pandemic.  Working with Boston-based marketers, Charlesgate Realty Group (“CRG”) and local Salem brokers, Merry Fox Realty (“MFR”), the combined efforts of both companies may be the clarion call for additional multifamily development in Boston’s suburbs.

“We’re proud of our product,” said Paul Ognibene, “but having a great marketing team for BRIX makes everyone’s job easier.” 

BRIX is the first new multifamily condominium building in this vibrant, historic and rapidly burgeoning municipality that is just a short train ride from downtown Boston.  While offering another living option for a target market of North Shore “empty nesters” and young professionals from Boston and surrounding communities, BRIX is located in the middle of a wealth of pedestrian-friendly shops, services, eateries, and cultural amenities. 

“We love Salem and have enjoyed playing a role in helping one of America’s municipal treasures expand in a manner that bridges its proud architectural heritage with the promise and demands of our own time,“ commented Paul Ognibene, the CEO and founder of JV partner, Urban Spaces. 

“We feel privileged to work in what we still consider to be the “hidden jewel” of the many places to live around Boston,” continued Paul Ognibene.

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Notwithstanding the fact that timing and location will always govern the real estate market, Paul Ognibene feels confident that we’re nearing a definitive answer to the question at hand:

The multifamily real estate market is alive and well in the downtowns of Suburban Boston.

A RENDERING OF BRIX FOLLOWS

Pictured above is BRIX, a new 61-unit condominium building under        construction in downtown Salem, MA.  Occupancy is scheduled for

late summer of 2021.

CAMBRIDGE–Paul Ognibene of Cohasset, the CEO of Cambridge-based real estate company Urban Spaces, has announced that 100% of the office component of 121 First Street in East Cambridge/Kendall Square has been leased to CarGurus, a leading global online automotive marketplace.

121 First is a mixed-use development comprised of 50,000 square feet of office space and 10,000 square feet of ground floor retail.  It is typical of the work of Paul Ognibene and Urban Spaces that focuses on development projects in growing neighborhoods that are in close proximity to public transportation, universities, and employment hubs.

“When we decided to develop this building on spec, we knew there would be strong tenant demand for office space along the First Street Corridor, given its location within walking distance to both the MBTA’s Red Line / Kendall and the Green Line / Lechmere stops,” said Paul Ognibene.  “We’re delighted to have attracted such a strong tech tenant like CarGurus and look forward to hosting their operations in the years to come.”

Paul Ognibene and Urban Spaces selected the global architectural firm, Perkins Eastman, to design the project and tapped Nauset Construction to build it.  121 First is an integral component of the First Street Corridor and will add vitality to the burgeoning neighborhood. The First Street Corridor is situated across from CambridgeSide (the former Cambridgeside Galleria) and between the MBTA’s Red Line Kendall Square and Green Line Lechmere stations. 121 First is a key component of a $200 million development by Paul Ognibene and Urban Spaces which, when completed, will include approximately 250 apartments, 50,000 SF of office space, 50,000 SF of retail, and 250 parking spaces, as well as a half-acre open-air green space.

Founded in Cambridge in 2006, CarGurus has grown to become the largest automotive shopping site in the U.S. based on monthly unique visitor traffic (ComScore Media Metrix Multi-Platform, March 2018). The company employs more than 650 people globally, including approximately 540 employees located at its Cambridge locations.  “We’re delighted that we could accommodate such an innovative company.  It’s another great addition to the re-birth of the First Street Corridor,” noted Paul Ognibene of his new tenant.

“Paul Ognibene of Cohasset and the Urban Spaces team have done an excellent job assembling, conceiving, and delivering a development that is helping to transform the First Street Corridor in East Cambridge, as well as expanding the inventory in a supply-starved market,” said JLL Managing Director Peter Bekarian, whose team represented Urban Spaces in leasing the space. “The level of interest we had from numerous tech and life science companies further continues a long trend of innovative companies choosing to locate and remain in East Cambridge.”

CarGurus was represented by Nat Kessler and Adam Brinch of CBRE.