Rafi Properties Acquires Ames Business ParkRafi Properties announces the expansion of its real estate portfolio through the acquisition of Ames Business Park in Somerville. Somerville has garnered national attention in recent years for its support of local business owners and startups, and Ames Business Park has become the “entrepreneurial epicenter” of the city. The approximate 300,000 SF mixed-use site, currently owned by JWF, LLC, is home to vibrant and popular anchor tenants such as Greentown Labs, Artisans Asylum, Brooklyn Boulders, and Aeronaut Brewing Co., among others.
"Artisan's Asylum is a thriving association of local artists and makers devoted to improving each other and the community at large,” said Artisan’s Asylum President, Ted Sirota. “We're excited to welcome Rafi Properties as the new owner of Ames Business Park. Their fresh perspective and innovative ideas are something I'm sure we will greatly benefit from. Looking forward to a long and prosperous relationship.”
The asset’s tenants are as diverse in their missions as they are in size, spanning from early-stage startups and urban rock climbing to nanotechnology, non-profit makerspace, and a brewery. (a full list of tenants list can be found here).
"Greentown Labs is passionate about the future of Somerville and we're proud to be part of its technology renaissance," said Dr. Emily Reichert, CEO of Greentown Labs. "As the largest cleantech incubator in the United States, we're particularly excited about the City's sustainability goals and focus on manufacturing, two of the key attractors that drew us to move our business to Somerville in 2013. Rafi has shown they're betting big on the future of the City as well, and we're thrilled to have them as a partner!"
Rafi owns, develops, manages, and invests in mixed-use residential and commercial real estate in Boston and Hong Kong. In addition to the purchase of Ames Business Park, the company’s portfolio also includes 533 Washington in Boston’s Downtown Crossing, 126 Salem St. (also known as the Chrysanthemum building), residential portfolios in Boston’s North End, Brookline, and Cambridge, as well as mixed-use developments in Hong Kong. The firm is led by managing directors Collin Yip and Baillie Yip.
Financial terms of the transaction were not disclosed. NKF Capital Markets represented the seller in the transaction. For more information about the asset, news, current and future happenings, please visit www.bldup.com.
Developer to build co-working space in Downtown CrossingMarch 13th, 2018 Boston Ma.533 WASHINGTON HOLDINGS LLC has pulled a permit to perform interior updates to revitalize former home of the Felt night club to more modern uses. Permit application calls for the addition of a bar and restaurant in the basement and 1st floor, a co-working space as well as a new 5th floor addition.The likes of the Radian, Ava, Millenium Tower and 171 Tremont Street drives an additional residential presence to this well known retail and commuting hub.This project will add a new sprawling restaurant space to occupy the first floor and create needed ambience at the street level. The co-working space will bring a contemporary and value added utility to a growing class of professionals seeing work-life-balance. the cherry on the top of this proposal is the private club on the top floor. The question is, will there be a roof deck?
Rafi Properties acquires 1/3 acre North End parking lot for $12 million
Local developer Rafi Properties acquired the 1/3-acre North End surface parking lot at 34 Cooper Street last Monday (October 3rd, 2016) for $12 million as recorded in the Suffolk County Registry of Deeds. The lot is conveniently located steps to Haymarket Square and multiple public transit lines. Rafi Properties owns multiple North End buildings and is currently proposing to construct The Canvas, a 30-story mixed-use tower in the heart of Downtown Crossing. The following is the deed for Rafi Properties' acquisition of 34 Cooper Street:
Rafi Properties acquires 5-unit North End building for $2.375 millionLast Wednesday, June 29th, 2016, local real estate developer Rafi Properties closed on the acquisition of the 5-unit residential apartment building at 27 Charter Street in the North End for $2.375 million as recorded in the Suffolk County Registry of Deeds. 27 Charter Street was last acquired in October 2015 for $1.765 million by Torrington Properties of South Boston. Rafi Properties is the developer of The Canvas, a proposed 30-story mixed-use tower featuring 94 residential rental units, restaurant space and collaborative incubator office space located in the heart of Downtown Crossing.The following is the deed for the sale of 27 Charter Street to Rafi Properties:
(Note: Rafi Properties is the manager of 27 Charter Ventures LLC)
More information about 27 Charter Street is posted below.
New details and renderings for proposed parking-free Downtown Crossing mixed-use towerA Project Notification Form (PNF) has been submitted to the Boston Redevelopment Authority with a full proposal for The Canvas, a 30-story mixed-use tower at the former Felt nightclub site in Downtown Crossing. The development team anticipates to start construction in mid-2017, with anticipated construction duration of approximately 14 months.The Canvas would contain 94 residential rental units, a restaurant space and a collaborative incubator office space. No parking facility would be built on site.The following is a link to the Project Notification Form (PNF). More information about the proposed project, including renderings and floor plans, is posted below.
Rafi Properties closed today on the four-story, 13,540 square foot building at 278-284 North Street in Boston's North End. Sale price was $6,850,000.
Rafi Properties is also developing The Chrysanthemum Building in Boston's North End and is proposing to build The Canvas, a 30-story mixed use tower in Boston's Downtown Crossing. Deed for today's sale is posted below: North Street Ventures, LLC is registered to Rafi Properties.