Millennium Tower 70 Percent Sold, Mostly to Local Buyers
One of the understandable assumptions about Downtown Crossing's under-construction Millennium Tower was that foreign money would fill it. Who else would buy $9 million condos in Boston (or entire floors several times that amount)? Surely, Russian oligarchs, Saudi princes and English olde money would. Wrong. Developer Millennium Partners has sent along the latest sales numbers on the particularly game-change-y tower.
It turns out that buyers from the Boston area have accounted for roughly 75 percent of the Millennium Tower sales so far. What's more, 70 percent of the spire's 442 units have traded for a grand total of $650 million in sales in just the last four months.
That is an astounding figure by Boston standards (by any city's standards). To put it in perspective: 15 Central Park West, a condo that debuted on the southwestern edge of Manhattan's iconic park, closed around $2 billion sales in advance of its 2008 opening. Millennium Tower will likely not claim anywhere near that amount; but it's well on its way to being the best-selling New England residential tower in terms of sales. And it doesn't open until 2016.