Delayed sale of Boston City Hall shows recession impact on prosperity hopes

The Saint ReportProperty Development, saintblog, Urban planning0 Comments

boston-city-hall The mayor of Boston wants to sell City Hall, that 1960s concrete bunker in Government Center which is listed among the world’s ugliest buildings, but the recession is holding up the move and highlights the dire state of property sales in one of America’s more prosperous cities.

Maura Webber Sadovi writes in the Wall Street Journal that “deals are getting done but values are dropping, and the dollar volume of office sales priced at $5 million or more in Boston’s central business district is expected to fall to about $870 million this year, from about $7 billion last year, according to Real Capital Analytics, a New York-based real-estate research firm.”

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