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289-309 Hancock Street Update 05/14/17

ARX Urban acquires mixed-use building across from DotBlock development for $2.8 million, owns property next door

Boutique real estate developer and investor ARX Urban has acquired 299-309 Hancock Street, a 16,184-square-foot mixed-use building located across from the upcoming 388,400-square-foot DotBlock mixed-use development, for $2.8 million, or $173.01 per square foot. Seller Ron Ifrah of Longwood Residential acquired the building, which includes private surface parking, in November 2013 for $1,427,440, or $88.20 per square foot. The building is strategically located at the intersection of Hancock Street and Dorchester Avenue next to 289 Hancock Street, a three-unit residential building ARX acquired in February 2017 for $480,000 in cash. In total, ARX now owns 0.33 contiguous acres of developable land across from DotBlock. Brookline Bank provided $2.95 million in mortgage financing for ARX’s acquisition of 299-309 Hancock Street.

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