20 lofts at Brewery sold at auction
The June 26 auction of 20 lofts at the former American Brewery at 251 Heath St. in Jamaica Plain has been deemed a success, says Sue Hawkes, president of Velocity Marketing Services, which conducted the auction at the Colonnade Hotel.
The fast-paced bidding ended after 17 of the lofts – about half in the L-shaped glass-and-aluminum addition and the others in the renovated 1891 structure – were sold.
The other sales were negotiated separately.
The last purchase-and-sale agreement, executed June 30, was for the largest living space in the original Queen Anne building.
It was the 1,809-square-foot duplex shell in the turret of the iconic brick building, which once was the quarters for the brewmaster.
“We had a mini-auction within the auction,” said Hawkes. The buyers had visited the property a few times and had brought their contractors and architects through, she said. It went under agreement for $310,000. Its last asking price was $350,000.
The complex comprises 79 lofts with a wide variety of floor plans, along with a two-level garage and a center courtyard of cobblestone. Elkus | Manfredi Architects of Boston designed the project.
Some of the lofts feature exposed brick and beams and metal staircases; others have more traditional finishes.
The kitchens boast stainless steel appliances and counters that combine butcher block and Formica, and the baths have combination tub/showers and vessel sinks.
Ceiling heights range from 9 to 23 feet. Each loft has a washer/dryer hookup.
Minimum bidding prices were slashed by about half before the auction began, and the bidding pushed up the prices by 20 to 30 percent. One of the model units, No. 205, sold for $445,000. Its last asking price was $449,000.
All of lofts included a garage parking space, which is valued at about $30,000.
Hawkes said the developer, Commonwealth Ventures LLC of Southport, Conn., wanted to close out the development. Construction was completed about three years ago.
All the deals are expected to close within 30 days. Bank of American is providing most of the financing for the lofts, she added.
The American Brewery on Heath Street has been a neighborhood icon for nearly 120 years. The condo conversion included construction of a glass-and-aluminum addition, creating 79 lofts.
