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399 Washington Street

Updated Mar 7, 2025

Ori Ron, Noam Ron And Francis J. Greenburger Acquire Retail Building In Boston For $13M
SOLDRetail

Ori Ron, Noam Ron And Francis J. Greenburger Acquire Retail Building In Boston For $13M

399 Washington Street

$13,000,000

$171/SF

Building Size

76,000 SF

Asset Type

Retail

Closing

Mar 7, 2025

About this deal

AI

The property asset involved in this transaction is a vacant retail-and-office building located at 399 Washington Street, Boston, MA. The asset encompasses a square footage of 76,000 and has a sale price of $13,000,000, equating to a price per square foot of $171. The property is situated in the Downtown Crossing area.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $13,000,000
  • Square Footage: 76,000
  • Sale Price per Square Foot: $171
  • Buyer: Ori Ron & Noam Ron - Hudson Group; Francis J. Greenburger - Time Equities Inc; Evan Papanastasiou
  • Seller: Wells Fargo

This deal was characterized by the involvement of multiple parties, including Hudson Group, Time Equities Inc., and Evan Papanastasiou’s firm. The transaction reflects a significant decrease from its previous valuation, having sold for $63,000,000 in 2017. Following the acquisition, plans are in place to reposition the property for retail on the lower floors and offices above.

On the Map

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$13,000,000

$171/SF

Retail

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Players

Francis J. Greenburger

Time Equities Inc

Buyer

$191M

vol

3 deals

Buyer
Wells Fargo
Wells FargoSeller

Boston Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Deal FAQ

About $171 per square foot on a published $13M for 76,000 square feet (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.22%

Cash-on-Cash

-0.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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