A US Bankruptcy Court judge has just ruled in favor of the W Boston Hotel and Residences, and stopped Prudential Insurance Company’s attempt to take-over control of the project.

The ruling by the judge values the condo and hotel at sufficient collateral for Prudential’s $192 million loan. As such, the project will now have the time to prepare and implement its restructuring plan.

SW Boston Hotel Venture, the developer, expects to present its restructuring plan by the end of March and to emerge from bankruptcy court by the end of June.

As of now, approximately 34, 42% of the 123, condos have sold, with an estimated value of $25 million. Another 13 units are under agreement.

The Boston Globe reports that the developer has paid off part of its obligation to Boston and now owes $6 million of its $10 million loan.

UPDATE: The W Hotel has issued a press release: Court Ruling Clears Way for Continued Ownership of W Hotel and Sale of The Luxury Condominiums (warning, .doc)

A complete list of all open houses scheduled for the weekend of January 30, 2011 in the Back Bay neighborhood of Boston.

Above, 33 Marlborough Street, Back Bay, Boston, Massachusetts. Tracy Campion of Campion & Company Fine Homes Real Estate is the listing broker.

There are nine condos currently for sale in the úber-luxurious Mandarin Oriental Residences in the Back Bay neighborhood of Boston.

The Mandarin project was completed just two short years ago. There are 49 units in the building, which shares space with a Mandarin Oriental hotel as well as street-level retail.

What was impressive to a lot of people is not just that homes were sold in the $1,500-$2,500 per square foot range but that some the units were sold as raw space; buyers outfitted the interiors at their own cost.

At least nine units have already changed hands since closing and there are seven resales in the building, currently. Prices and estimated sizes of six units, below.

12B, ~4,922 square feet, 3 beds, 2 ½-half baths, $12.7 million
PH 2E, ~8,000 square feet, TBD, $16.99 million
10G, ~1,879 square feet, 2 beds, 2 baths, $2.55 million
12A, ~3,222 square feet, 2 beds, 2 ½-half baths, $5.9 million
PH 2D, ~2,284 square feet, 2 beds, 2 ½-half baths, $3.95 million
9E, ~2,600 square feet, 3 beds, 2 ½-half baths, $4.595 million

As you can see, prices vary widely. This is due to the layout of the building, with some in the back having limited light and views.

The seventh unit, #E9F, is a ninth-floor, three-bedroom, three-bathroom home with ~2,600 square feet of space. It is listed for $3,795,000 by Patrick Cutter at Otis & Ahearn. It’s also available as a rental for $15,500 per month.

From the MLS listing: Top of the line finished include: Solid wide board Mahogany Flooring, Poggenpohl kitchen cabinets with Caesarsstone counters and Sub Zero/Viking, 5-piece spa like master bath, generous walk-in built out closets, gas fireplace, electric solar shades, steam room, and wired for multi-media surround sound.

Please contact me to set up an appointment to see any of the available units or to find out more about the Mandarin Oriental Residences.

Will the Filene’s building site become a new apartment tower?

That’s one broker’s prediction.

From a Banker & Tradesman article:

“We think that there’s enough momentum in the market and interest in that site that something will happen this year,” said Thomas Hynes Jr., CEO of Colliers International Boston. “There’s very strong demand in the rental market, and the precedent’s already set on that spine with residential towers right down the street. Whether it gets sold or whether Vornado stays in some capacity … something will happen in that location.”

That’s very interesting. Given that the Colliers’ people probably know everything that’s going on in the city, they are in a position to make valid predictions.

Would a new tower take up all the space laying vacant or just a part of it, with the remainder staying open until the office / hotel market improves?

If a rental tower (or two, or three) does go up, it will be interesting to see who the developer selects as its target market. Rich, singles? Dual-income, no kids? New families?

Given its location, putting residential here would benefit the neighborhood, greatly. 45 Province looks better if more people are living in the ‘hood. An apartment building has been proposed for up at Bromfield and Washington streets above what is now a Payless shoe store and Wendy’s. With three residential buildings in such close proximity, the area would have quite the different feel.

Hopefully, any new residents would realize they are in the commercial / retail district, not on Beacon Hill, and wouldn’t attempt to drain the business life from the area.

The Archstone Boston Common apartment building seems to be full of people who are content with being in a busy neighborhood.

Targeting new families is an excellent idea although I fear the developer won’t be willing to build apartments large enough for a family with children. There may not be enough of these in the city to make it financially viable. Other cities have done this, however, (Vancouver comes to mind) with great success.

They should also consider putting grad-student housing inside, similar to what was done at Trilogy, in the Longwood / Fenway area. Harvard was co-developer (if I’m not mistaken) and put up cash in order to get it built. In return, they have dibs on a significant number of apartments in the building. And, if I’m not mistaken, the grad students have their own entrance.

So, they should build three towers: one for singles / urban professionals (one to two bedrooms, small kitchens); one for new families (two or three bedrooms, with the second bedroom large enough for a 6-10 year old child and the third large enough for a crib (or a nanny!); and one for grad students (studios or small one-bedrooms, kitchenettes, even shared spaces).

The first three floors should include dedicated parking, a BSC gym / fitness facility, Trader Joe’s, Mexican-American take-out (I think Chipotle was there before?), Filene’s Basement (since Vornado “promised them” to put it back), entrance to the Orange / Red Line, and perhaps office space on level 2/3? Maybe even a (gasp!) bookstore?

Image above from Google Maps

It took a bit of time and a couple of significant price cuts, but an amazing Back Bay single-family townhouse has finally been sold.

The property is located at 128 Commonwealth Avenue. Previously a set of individual condos, it was lovingly restored inside to its historic grandeur. The seller is listed in the public record as Herb Chambers, the car-magnate.

A prominent and historic Commonwealth Avenue mansion, between Clarendon and Dartmouth streets, it is a rare and unique Beaux Arts style single-family residence. An extensive two year renovation brought this historic and grand home back to its original splendor.

The property first came on the market in January 2007. As to be expected for a property of this size and quality, it took quite awhile to find the “one” buyer (a local portfolio manager and minority owner in an investment firm). It was priced at a significantly higher price but was adjusted to a price more in line with the market.

According to the broker’s website, the listing agent was Beth Dickerson, of Gibson Sotheby’s International Realty.

From that site: 128 Commonwealth Ave (more photos and description, there):

Originally designed by famous Boston architect S.D Kelley in 1882, the ornate sandstone façade designed in the Parisian inspired “Ecoles des Beaux-Arts” style was added to both 128 Commonwealth Ave and 130 Commonwealth Ave during a circa 1905 renovation by architect Arthur Bowditch. This Neoclassical Baroque style is one rarely seen in Boston architecture and is a unique feature that establishes 128 Commonwealth Avenue as an exceptional and iconic Boston property.

Additional luxuries of this exclusive property include: – Au pair suite with private entrance onto Commonwealth Avenue – Boston Proper’s finest location – Handsome wood paneled elevator and grand wrapping stairwell connect floors – “No detail overlooked” renovation completed in 2005 – Rich use of exotic materials including onyx and gold leaf – Hand crafted woodwork and built-ins – Hand painted details – Fourteen foot coffered ceilings – Hand made La Cornue range – Butler’s Pantry – Three private decks – Security system – One touch lighting system – Surround sound system – Additional dry storage – Two heated garaged parking spaces – Three heated outdoor parking spaces.