Centers And Squares
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As a Cambridge real estate agent, the city squares of Cambridge, Somerville and Medford and the town centers of Arlington, Watertown and Belmont, Massachusetts are my home turf. And as a lifelong New Englander who’s lived within twenty miles of Boston most of my life, I can introduce you to other nearby towns as we search for your new home. If you’re planning to sell your home in Cambridge, MA or nearby you’ll find plenty of info about the home selling process here too. Questions? Send me an email or call me at 617-504-1737.
Mysterious Cambridge Investor Outed by the Boston Globe
9 Eustis Street was one of many multi-unit buildings purchased by Chinese investor, Gerald Chan
For months the Cambridge real estate community has been buzzing about the mysterious Chinese investor who’s been buying up multi-unit properties around Cambridge at a rapid pace. The investor, “billionaire businessman Gerald L. Chan,” was outed by the Boston Globe on Saturday in a front page article that focused on properties Chan purchased in Harvard Square over the last 18 months.
The Globe article describes how Chan, a leading Hong Kong real estate developer who attended Harvard in the 1970s, spent about $120 million buying properties in Harvard Square including the Veritas Hotel and the building that houses the American Express travel office.
But Chan’s Cambridge purchases extend well beyond Harvard Square. Here are some of the multi-unit buildings in other Cambridge neighborhoods that the investor has recently purchased:
- 20 Marie Ave in Mid Cambridge, a triple-decker for $1,580,000
- 503 Franklin St Cambridge, a triple-decker for $1,550,000
- 566 Green Street in the Riverside neighborhood, a triple-decker for $1,600,00
- 56 Hancock St, a 6-unit building in Mid Cambridge for $1,630,000
- 9 Eustis Street, a multi-unit building in the Agassiz neighborhod for $2,350,000
- 222 Concord Ave, a multi-unit building in Huron Village for $2,400,000
- 10-12 Pleasant Street, a 6-unit building in Central Square for $3,130,000
- 31-33 Portsmouth St, a 12-unit building in Kendall Square for $5,880,000
Forbes, the Wall Street Journal, Bloomberg, and other financial news outlets have all been reporting on Chinese investments in US real estate. As the Chinese economy booms, many investors are looking to the US to diversify their real estate portfolios. It was good to know some of the details behind the investment boomlet right here in Cambridge.
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