Located in Boston's renowned Fenway neighborhood, which continues to experience a significant transformation to a vibrant live-work-play enclave, 31 Burbank Street is a 52-unit multifamily affordable apartment property spanning 32,780 square feet. Mr. Carucci represented the seller, The Burbank Gardens Company Limited Partnership, in the transaction and identified the buyer, Burbank Gardens Acquisition LLC, a local non-profit organization aimed at building a future which is economically vibrant, culturally diverse, and holistically healthy for all residents of the Fenway neighborhood.
Myrna Putziger, General Counsel at The Fallon Company and member of The Burbank Gardens Company Limited Partnership commented, "The result in this transaction exceeded our wildest expectation. We achieved our economic goal while allowing Burbank Gardens to continue as affordable housing. That outcome is a direct result of the marketing process Michael drove. We are most appreciative."
"It was a pleasure to represent both the seller and the buyer on this transaction. We have a priceless blue chip asset that will continue to fill a void for vital affordable housing in core urban markets," commented Michael Carucci, Executive Vice President of Gibson Sotheby's International Realty.
In addition to 31 Burbank Street, Mr. Carucci, one of Boston's highest producing agents, is regularly tapped to represent world-class assets throughout the city, including his current exclusive offerings: 4 Marlborough Street for $15.75 million, 27 Commonwealth Avenue for $8.995 million, 125 Mount Vernon Street for $3.9 million and more.
About Michael Carucci:
Michael Carucci is the Executive Vice President of Gibson Sotheby's International Realty and a leading luxury residential and commercial real estate expert in Boston, Massachusetts. In 2016, Carucci transacted over $183 million in real estate sales.
He is regularly quoted in The Huffington Post, Entrepreneur Magazine, The Wall Street Journal, The Boston Globe, Boston Business Journal, Banker and Tradesman, WBZ and NECN. Mr. Carucci has been selling luxury residential and bespoke commercial real estate in Boston for more than 25 years.
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SOURCE Gibson Sotheby's International Realty