100 Pier 4 | 136-146 Northern Avenue | Seaport

Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

TheRifleman said:
Wonder what that includes? Electricity, Cable, Water/
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Electric heating was separate, almost 100% sure. I imagine you'd get heat from other units below, but electric heat certainly doesn't run cheap.

FortPointGuy said:
I get that these are rentals and so perhaps not condo quality. But for the prices they look lousy. +$5K to live in a unit with carpeting? Get real.

Before I get sniped for writing like a snot, I only mean to say the interiors look very cheap relative to the rent. I would guess the Avalon Exeter is nicer and in the same unit rent range.

edited for lousy grammar
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I was in Avalon Exeter this past weekend with some clients and I'm fairly confident they used if not the same, very similar materials to the 2BR/2Bath I posted above. Same cabinets, white quartz counters, hard wood floor paneling. My folks loved everything aside from the carpeted bedrooms. They were paying full broker fees as well and offering 1 month free for leases at or over 14 months. The 2BR/2Bath we saw on the 4th floor there was $4,610, again with utilities separate and electric heat. The same floor plans on a higher floor with a less obstructed view were right at $5K.

4th Floor
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20th Floor
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The special 100 Pier 4 is running right now is as follows, per their website.

- 1 month concession on 12-13 month lease beginning 5/1/15 or later(latest move in is a 30 day hold from the apartments ready date).
- 1.5 month concession on a March or April move-in with a 13-15 month lease or 1 month concession on a 12 month term

Factoring the concessions, these are the prices that I came up with if the discount was amortized over the duration of the lease.

Studio - $2,277
1BR - $3,068
2BR - $4,907

Floor plan for the 2BR/2Bath at Pier 4, 1,283 SqFt versus the 1,061 at Exeter
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Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

I think carpeted bedrooms are just about everywhere, with new construction, so people are going to be out of luck.

The finishes look similar to what we have here at Flats on D.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

Yeah, you actually want carpet in the bedroom because it's warm for your feet when you get in and out of bed. Hardwood is just cold and fine for living/dining. Carpet is much more comfy in a bedroom.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

Studio - $2,277

I just dont understand the market for this?

Thats $27,324 a year. Add in utilities and $28,000 a year

Rule of thumb is to not spend more than 1/2 of your income on housing

So you have to make $81,972 to properly afford this.

1) Studios primarily attract bachelors, college kids, 20 something etc. How many recent college grads make $82k a year?
2) If youre making $82k a year, wtf would you settle for a fucking studio? Do you like the weird fridge sounds when you're sleeping? Especially because studios are garbage for entertaining company.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

jass said:
Studio - $2,277

I just dont understand the market for this?

Thats $27,324 a year. Add in utilities and $28,000 a year

Rule of thumb is to not spend more than 1/2 of your income on housing

So you have to make $81,972 to properly afford this.

1) Studios primarily attract bachelors, college kids, 20 something etc. How many recent college grads make $82k a year?
2) If youre making $82k a year, wtf would you settle for a fucking studio? Do you like the weird fridge sounds when you're sleeping? Especially because studios are garbage for entertaining company.
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Lots of people in their 20's making $80k+. Lots of tech jobs, finance jobs, and healthcare jobs that only need a few years experience to make that much money. I would wager the number is in the mid-thousands if not tens of thousands.

A lot of young people see an apartment as a place to sleep, not a home. They value location over all. Being able to walk to work and avoid the mess that is the MBTA has a huge value.

I definitely see the market for these studios. It's not a huge market, but it's there.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

jass said:
[citation needed]
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It should be self-evident since these apartments are renting, but I'll provide an anecdote and some hard data anyway:

My company alone has at least 200 people under 30 making $80k+. It's possible that number is much higher; I'm conservatively estimating based on job titles which are 100% going to be making more than that.

And for the hard data:

http://www.city-data.com/income/income-Boston-Massachusetts.html

38% of working Bostonians make over $75k/year. That's just Boston mind you, so about 90,000 people making over $75k in Boston alone. Is it that hard to believe that about 10% of those are under 30 years old?

There's another graph that splits up income by age, unfortunately the split is right in the middle of the age range we're considering so it's much less useful. Regardless, that graph shows that there are over 1000 people under 25 making more than $75k in Boston alone. If you add in people 25-30 that number would jump up a lot.

And this is all data from 2009, the numbers are certainly higher now than they were then.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

People who don't work corporate have a hard time fathoming that it's quite easy to make big-bucks within a couple years of being employed. I should know... as a public school teacher I'll max out at $90,000 if I work in district for 25 years and do all the requisite professional development...
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

Studios can also be used for people who live elsewhere and keep an apartment here for work. I had a neighbor who lived in a studio who was in his 50s and lived in NJ. He came to Boston so often for work that he kept a studio here so he could stay in his own place. He said he knew lots of others who did the same.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

Conversely, based on first-hand knowledge and observation, there are hundreds at one company alone (Wayfair) who make $32,000 ($15/hr) to start.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

JohnAKeith said:
Conversely, based on first-hand knowledge and observation, there are hundreds at one company alone (Wayfair) who make $32,000 ($15/hr) to start.
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This is kind of low-pay is also common in architecture (graduating with enormous loans into low paying professional full time jobs) and a large part of why I switched to a career in MEP engineering despite having an arch degree.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

80k isn't hard in the STEM fields. Its basically one or maybe two raise cycles for a new software engineer. Fresh graduate software engineers with zero experience are getting 70k in the city. Senior developers with 5 to 10 years experience and no visa requirements are getting between 100 and 130 at non-Google/Amazon/Microsoft shops. Goto one of the big players and the number goes up and 10 to 20 percent and with generous bonuses and benefits.

Very doable... Personally I balk at prices that high. I'd rather go with something cheaper and less convenient while banking the money in a 401K. Also 1/2 salary for rent seems high I always though the recommended was no more than 25 percent of your net income.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

meddlepal said:
Also 1/2 salary for rent seems high I always though the recommended was no more than 25 percent of your net income.
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I've heard 1/3 myself. But in any case, it's not doable for many people to only spend 25-30% of their pay on housing. Housing is just damn expensive around here, and unless you're one of the lucky ones who manages to get a job in the STEM fields, you aren't making that much money so soon out of the gate.

Also: We aren't remotely on topic any more.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

Per Boston Restaurant Talk blog

Tuesday, February 03, 2015
Ocean Prime to Open in Boston's Seaport District

It looks like a small group of high-end steak and seafood spots is on its way to the Boston waterfront.

Eater Boston is reporting that Ohio-based Ocean Prime will be opening at Pier 4 in the Seaport District, bringing to the area a place with a "supper club" atmosphere and steaks that could start around $40 (based on menus at other locations), along with possible seafood options such as salmon, tuna, Chilean sea bass, scallops, blackened snapper, and more. If all goes as planned, expect to see Ocean Prime open sometime next winter, according to EB.

Ocean Prime (which is part of the Cameron Mitchell Restaurants group) first started out as Mitchell's Ocean Club in Columbus in 2006 and now has 11 locations in the United States.

The address for this upcoming steak and seafood restaurant in the Seaport District is: Ocean Prime, 100 Pier 4 (142 Northern Avenue), Boston, MA, 02210. Its website can be found at http://www.ocean-prime.com/
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

Another high end restaurant is probably the worst choice of retail for this neighborhood.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

Exactly what we need! Another steakhouse. God forbid someone walks 75 yards to Morton's, 100 yards to Del Frisco's or 150 yards the other way to Smith and Wollensky. Or a 1/4 of a mile to the new location of the Palm. I like a good high end steakhouse as much as the next person but so many all so close to each other? Some variety would be nice. Guess the convention business is the driving force here.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

One of these ten steakhouses should switch places with one of the 10 CVSs in DTX.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

FenwayResident said:
Another high end restaurant is probably the worst choice of retail for this neighborhood.
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If I remember correctly, there was always a plan for not only a large(ish) format restaurant in this building, but also multiple other little retail options (like 2 to 4 others). I can look up the PNF if I still have it on my hard drive, but if that's the case then I don't think there's any problem drawing more foot traffic of a higher clientele to the waterfront. Also, these places are excellent for lunch. Lower-priced menu options with a waterfront view and/or outdoor patio to catch the breeze? Beats the traffic noise on Boylston in Back Bay, that's for sure.
 
Re: Pier 4 Residential Tower | 136-146 Northern Avenue | Seaport

FenwayResident said:
It should be self-evident since these apartments are renting, but I'll provide an anecdote and some hard data anyway:

My company alone has at least 200 people under 30 making $80k+. It's possible that number is much higher; I'm conservatively estimating based on job titles which are 100% going to be making more than that.

And for the hard data:

http://www.city-data.com/income/income-Boston-Massachusetts.html

38% of working Bostonians make over $75k/year. That's just Boston mind you, so about 90,000 people making over $75k in Boston alone. Is it that hard to believe that about 10% of those are under 30 years old?

There's another graph that splits up income by age, unfortunately the split is right in the middle of the age range we're considering so it's much less useful. Regardless, that graph shows that there are over 1000 people under 25 making more than $75k in Boston alone. If you add in people 25-30 that number would jump up a lot.

And this is all data from 2009, the numbers are certainly higher now than they were then.
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I am 29 and I barely make close to that after all applicable taxes and "life stuff".
 
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