Vacant North End building, site of denied development project, sold to new investor for $2.239 million
Last Monday (August 29th, 2016), 3-5 Quincy Court LLC, a limited liability company organized to hold title to real estate affiliated with Investment Property Exchange Services of Chicago, acquired the vacant three-story, 3,420 square foot North End residential building at 3-5 Quincy Court, located on the Freedom Trail fronting Rachel Revere Park, for $2.239 million as recorded in the Suffolk County Registry of Deeds. The acquisition amounts to $655 per square foot. Everett Co-Operative Bank provided a mortgage of $2,279,250 for 3-5 Quincy Court LLC's acquisition. 3-5 Quincy Court last sold in 2014 for $1.725 million.
3-5 Quincy Court's previous owner, City Realty Group (CRG), was denied permission last year by the City of Boston's Zoning Board of Appeals to redevelop 3-5 Quincy Court. CRG would have added a fourth floor to the building and finished the building's basement to create additional living space. The fourth floor addition would have raised the building's height by 10 feet to 48 feet, below the North End height limit of 55 feet. Building occupancy would have been kept at six units. The following is the deed for 3-5 Quincy Court LLC's acquisition of 3-5 Quincy Court:
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