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Hamilton Going Condo After $3M Purchase

BOSTON-Ten units are planned for the aging apartment building on Beacon Street in the Back Bay.

By Joe Clements | Updated on May 30, 2008

BOSTON-Residential condominium construction has been hit hard by the capital market crunch and housing crisis, but not every developer is standing pat, as evidenced by the $3.2 million purchase of 409 Beacon St. by the Hamilton Cos. The veteran Boston-based real estate firm is pushing ahead to convert the apartment building into 10 condominiums, units which Hamilton President Carl Valeri says will be priced from $600,000 to $800,000.

“You can’t be afraid,” Valeri says in explaining why Hamilton is pursuing residential ventures throughout the region despite the slowdown, having bid on one multifamily package valued at close to $100 million and another luxury apartment building featuring nearly 200 units. On the development side, Hamilton is angling to convert an office building in the Downtown Crossing district into residential condos, and is nearing completion on another Beacon Street conversion that has already seen the penthouse fetch $7 million. Two more of the five units at 132-134 Beacon St. are each under agreement for $3 million, says Valeri.

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