Boston St. property flipped for $50M

JUNE 22: 85 Boston Street at the intersection of Boston and Vale Streets
where the former transfer station was leveled and property sold. (Photo by Jim Mahoney)

650 units scheduled to be built, Thibeault looking for new in town locale for transfer station

By JOSH RESNEK

A former trash transfer station on Boston Street has been leveled and its land sold to investors for a $50 million profit, according to sources familiar with the transaction.

Greystar Properties, a major multifamily developer, has purchased the property and will be building 650 units on the site, according to a report in Banker and Tradesman, the New England real estate bible.

The $50 million “flip” of the property after securing necessary city permitting, is believed to be the largest “flip” in the city’s history.

William Thibeault, the former owner of the property, is believed to be searching for a site in Everett for a new trash transfer station.

The $50 million flip by Thibeault to Greystar is the cap to an extraordinary string of real estate transactions that have netted the real estate investor an estimated $90 million since he began investing here in 1990s.

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