East Boston developer buys 4,620 square foot waterfront parcel for $1.1 million
Last Friday (July 15th, 2016), notable East Boston real estate developer Paul Marks acquired a 4,620 square foot vacant Marginal Street parcel located on the East Boston Waterfront for $1.1 million. A locus map of the parcel is posted above. The parcel last sold in June 2015 for $750,000 to Zero Marginal Street LLC.
The Marginal Street parcel, currently used as a parking lot, features sweeping Boston skyline views and is zoned residential. Piers Park, the East Boston Greenway and the MBTA Blue Line at Maverick Square are all located steps away. A number of under-construction residential development projects, including Portside at East Pier—Phase Two and Cunard Tavern, are located in the parcel’s immediate vicinity.
Marks has developed a number of residential buildings in East Boston and is currently building 70 Bremen Street, a 32-unit residential apartment building with ground-floor retail. Marks also recently received the Jeffries Point Neighborhood Association’s approval to build a nine-unit residential apartment building on roughly 7,000 square feet of land Marks owns at 387-391 Sumner Street next to Brophy Park. The 387-391 Sumner Street project will require city approval and building permits to move forward.
The following is the deed for Paul Marks’ acquisition of the Marginal Street parcel last Friday:
(Note: Paul Marks manages Copper Forge Partners LLC. The Marginal Street parcel acquired is currently unnumbered.)