By Josh Resnek
Another astounding sale of real estate at a high price in the city indicates how dramatically prices are soaring for retail spaces.
The $2.1 million sale of 369 Broadway, known as the Keystone Building – which is located on a 7052 square foot lot reveals how vastly the real estate landscape is changing. The Keystone Building was last sold in June, 2014 for $850,000.
The new owner of the Keystone Building is Alexander Kuritnik, Trustee for the 89 Lyndhurst Trust.
Union gave the new owner a mortgage of $1,601,250 indicating Kuritnik put down 20%.
According to records provided to the Leader Herald by Banker and Tradesman, the building will continue to be used for general office use.
Two weeks ago we reported the sale of ten acres of land with an outlet to the Island End River for $15 million. That property was owned for decades by Boston Sand and Gravel.
It was sold to Eastern Minerals, the Chelsea salt provider known for improving their properties wherever they own them.
Boston Sand and Gravel used the property to store small mountains of sand.
It is expected Eastern Minerals will do the same, except the road salt will replace the sand. Eastern Minerals has requested permitting from the city for storage and for a smaller building to be built, requests which are expected to be granted.