The Sudbury (Bulfinch Crossing Residential Tower) | 50 Sudbury St | GCG Phase I | Gov't Center

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DZH22

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its 9500/month for a 3 bed. Still dont get who pays these type of rents
Imagine paying $3167/month and having 2 roommates? That's more than 4 times what I was paying in Davis Square back in 2010, when I only had 1 other roommate in a 1000 square foot apartment.
 

vanshnookenraggen

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its 9500/month for a 3 bed. Still dont get who pays these type of rents
This is a market more in tune with top tier cities like NY and London. I don't really know that much about the Boston market but my guess is there isn't all that much in the high end luxury market. Or maybe that is just their gamble. Either way you'd be shocked to know just how many millionaires there are in the world who just want a crash pad in different cities (or in Jay Z's case the same city).
 

atlantaden

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This is a market more in tune with top tier cities like NY and London. I don't really know that much about the Boston market but my guess is there isn't all that much in the high end luxury market. Or maybe that is just their gamble. Either way you'd be shocked to know just how many millionaires there are in the world who just want a crash pad in different cities (or in Jay Z's case the same city).
Most people, especially people from the Boston area, still can't believe just how wealthy and influential a city, Boston is. And I get it, I think Kendall Square in the 70's or 80's, or the South End, or the Seaport, or just about any part of Boston/Cambridge from those days and earlier and it's still hard to believe what a wreak the area was. Plus, this is ArchBoston, where so many of us equate a city filled with Skyscrapers to equate with power and wealth. But, Boston is right up there with the best of em, anchored by an economic engine composed of universities and colleges.
 

vanshnookenraggen

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Most people, especially people from the Boston area, still can't believe just how wealthy and influential a city, Boston is. And I get it, I think Kendall Square in the 70's or 80's, or the South End, or the Seaport, or just about any part of Boston/Cambridge from those days and earlier and it's still hard to believe what a wreak the area was. Plus, this is ArchBoston, where so many of us equate a city filled with Skyscrapers to equate with power and wealth. But, Boston is right up there with the best of em, anchored by an economic engine composed of universities and colleges.
Exactly. Too many people still buy into the whole working class hero myth of Boston.
 

Czervik.Construction

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We go over this a ton every time an expensive rental building opens up.

Boston has become a much more expensive city. It was always pricey but now it is just plain expensive - especially if you want a new construction, mid to high rise, full amenities, staffed building, which there is very little of in the city. I can't remember if it was Forbes or Fortune, but MA now has dozens of towns in the top 100 most expensive zip codes. Weston is now in the top 10, ahead of all the Fairfield County, CT towns.

I took a look in my building (a new tall luxury rental) in Manhattan. The 1br and 2br at Bullfinch are still lower, but the 3br is in-line with my building:

1 br: $3800-$5500. $5500 is for a premium residence on the top 10 floors (of 62 floors). Fancy kitchens, high ceilings, etc.
2 br: $6500-$7500
3 br: $10,100. 1,400 sq ft. But this is on one of the penthouse floors on the 60-62nd floor, not the 11th floor overlooking a garage.
 

ivyhedge

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State Street execs for one..
To be sure - but not just them (and not just in city towers).

Here at CambridgeCrossing, the legacy named AVA Northpoint offers 12 3br/2 or 3ba units, ranging in sizes from ~1,200ft^2 - ~1,600ft^2 for $4,300 - $5,500/month.

Granted, that's not $10,000, but only *one* is available (a smaller unit for $5,035). And when I walk my pup at night I can see some of the 3br units: they're occupied by live-in renters (not corporate rentals - although that category of renter cannot be discounted in Cambridge as one who often "pays 'that much' for swanky digs", and topped $5,850 at AVA pre-COVID-19).

I suppose there are numerous similar examples in the city in the $6,000/mo - $7,500/mo range.

Edit: just checked - even Montaje in Assembly Row tops $5,000/mo, with outliers like a 1br/1ba for $3,800 and four unpriced sizes > $5,000 (although they're offering a free month, whereas Avalon is not).

#becausetech_biotech
 
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fattony

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Remember rents are coupled to home prices. Take $9500 per month and break it down into mortgage + tax + HOA as roughly $7500 + $1500 + $500. With today’s interest rate of 3%, $7500 gets you a $2.2 million home (20% down). Taking into account tax deductibility of the interest, that stretches closer to $2.5 million. Does this look equivalent to a $2.5 million home? I certainly think so, probably more.

For comparison, in my area of Somerville a 3 bed gut renovation (essentially new construction) with a 10 minute walk or more to the Red Line goes for $1-1.5 million. This is a high rise in the heart of downtown. The rent seems reasonable to me.
 

APG5

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To be sure - but not just them (and not just in city towers).

Here at CambridgeCrossing, the legacy named AVA Northpoint offers 12 3br/2 or 3ba units, ranging in sizes from ~1,200ft^2 - ~1,600ft^2 for $4,300 - $5,500/month.

Granted, that's not $10,000, but only *one* is available (a smaller unit for $5,035). And when I walk my pup at night I can see some of the 3br units: they're occupied by live-in renters (not corporate rentals - although that category of renter cannot be discounted in Cambridge as one who often "pays 'that much' for swanky digs", and topped $5,850 at AVA pre-COVID-19).

I suppose there are numerous similar examples in the city in the $6,000/mo - $7,500/mo range.

Edit: just checked - even Montaje in Assembly Row tops $5,000/mo, with outliers like a 1br/1ba for $3,800 and four unpriced sizes > $5,000 (although they're offering a free month, whereas Avalon is not).

#becausetech_biotech
3brs in my New York Streets / Ink Block are building rent for $~6,500
 

Rover

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I'd also add that as it relates to demand for this and other similar buildings in Boston, its pretty common for a married couple of professionals to be earning 200-250K apiece in a wide variety of industries found in the area (law, finance, biotech, medical, even academia, the MBTA ;), etc) 500K a year translates to about 360K a year take home after taxes, medical, etc. That's 30K a month. 10K a month is a third of your monthly income, about what is recommended to spend on housing, and you STILL have 20K a month to spend on private school, vacations, etc.
 

Bananarama

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I'd also add that as it relates to demand for this and other similar buildings in Boston, its pretty common for a married couple of professionals to be earning 200-250K apiece in a wide variety of industries found in the area (law, finance, biotech, medical, even academia, the MBTA ;), etc) 500K a year translates to about 360K a year take home after taxes, medical, etc. That's 30K a month. 10K a month is a third of your monthly income, about what is recommended to spend on housing, and you STILL have 20K a month to spend on private school, vacations, etc.
It's unreal to think of this lifestyle, and I'm not in poverty by any means. Like some other side of society...
 

shmessy

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To be fair, it wouldve been true into the 90s here
Coincides with the Big Dig completion........ One of the greatest turning points in Boston's history (and the shortsighted still complain about the cost).

.
 

Vagabond

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Curious design choices here. The Sudbury and the future smaller residential tower are clearly influenced by the JFK across the street and blend well. The State Street Tower is meant to be a stand-out building, and takes advantage of the many viewing angles - the view up the Charles will be first class.
What about the lower rises though? They certainly don't match anything else along the greenway, and show a pretty lazy office-park design. They are a few years away, but I'd be amazed to see a seaport-box approved here.
 

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