Millennium Tower Penthouse Will Sell For Unprecedented $37.5M
The $680 million Millennium Tower is slated for completion in 2016.
Manhattan condo prices have touched down in Boston.
The new Millennium Tower taking shape in Downtown Crossing will be crowned with a $37.5 million penthouse on the 60th floor, a price level common in the Big Apple but unprecedented in Boston.
The 13,000-square-foot unit, which will take up the entire top floor of the new tower, is about the size of a country estate or mansion, the difference being it is more than 600 feet up in the ozone. The penthouse will also feature a 2,500-square foot deck, itself about the size of a suburban home.
The $37.5 million price tag is about three times the most expensive condo sale in Boston to date, a $13 million penthouse that sold in the Back Bay’s exclusive Mandarin Oriental in 2011.
The $680 million tower is slated for completion in 2016 but units are for sale now.
The penthouse will come unfinished, a move purposely designed to attract super-wealthy buyers who want to create their own unique living environment.
“That type of buyer tends to want to create their own masterpiece,’’ said Richard Baumert, partner at Millennium Partners. “You give them a blank canvas and they can create anything they like.’’
Prices for the tower’s 442 units start at $850,000 for a 759-square-foot one bedroom and go up from there, and a two-bedroom unit starts at $1.5 million. There are 17 penthouses, which will occupy the top five floors of the tower, starting at $7.6 million for a 3,300-square-foot unit.
Despite the sky-high price tag on the penthouse unit, Baumert contends it is within reason of other luxury condos sales in Boston in terms of price per square foot, weighing in at $3,000 — which is very high but not record shattering.
So far, the pricing doesn’t seem to be scaring anyone off, with buyers having already inked contracts for 150 units, including three penthouses, though, not the $37.5 million special. Yet.
The tower will be packed with amenities, including a private restaurant for tower residents and their guests run by celebrity chief Michael Mina.
“We are getting that pricing,’’ Baumert said. “We have total validation.’’
The developers say they also hope the tower’s design will add a unique element to the Hub’s skyline. The glass design is specially engineered to refract life and lend a crystal-like appearance to the skyscraper.
Under construction next door to the restored Filene’s building, the new Millennium Tower is the centerpiece of the city’s efforts to revive the somewhat frayed Downtown Crossing, once the city’s main shopping district dominated by old-line department stores.
The new tower and retail complex, which includes the restored Filene’s building, has already injected new life into the area, with Havas Media setting up shop in the historic Burnham Building and a Roche Brothers supermarket set to open this spring.
Millennium Partners
Millennium Partners
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