Waterfront Land For Sale
60-62 Condor Street
22-32 Nay Street
62-66 Condor Street & 22-32 Nay Street
East Boston, MA
$3,750,000
PRICE REDUCED:
$2,500,000
DECEMBER 2014
Arthur M. Agnew III | Executive Vice President
617.457.3363 | [email protected]
303 Congress Street Boston, MA 02210 | naihunneman.com
303 Congress Street | Boston, MA | 02210 | naihunneman.com
Table of Contents
I.
Executive Summary
II. Location/Market
III. 22-32 Nay Street
IV. 62-66 Condor Street
V. Assessment & Annual Tax Data
VI. MER Subdistrict
For Additional Information Please Contact:
Arthur M. Agnew III | Executive Vice President
617.457.3363 | [email protected]
303 Congress Street | Boston, MA | 02210 | naihunneman.com
62-66 Condor Street & 22-32 Nay Street
I. Executive Summary
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Executive Summary
Introduction
62-66 Condor Street and 22-32 Nay Street in East Boston, Massachusetts. 62-66 Condor Street consists
of a 0.55 acre site improved with a 3,516 sq. ft. one and two-story office building. The property located at
22-32 Nay Street consists of a 5.43 acre waterfront site with 2.06 acres of upland that is improved with a
steel bulkhead and two 3,200 sq. ft. metal Quonset huts. The combined properties, including to the
centerline of the private Nay Street, contain a total upland area of 2.61 acres (113,654 sq. ft.).
60-62 Condor Street
22-32 Nay Street
Offering Price: $2,500,000
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Executive Summary
Location:
Massachusetts
62 and 66 Condor Street and 22 and 32 Nay Street, East Boston,
Property Type:
62 and 66 Condor Street-One and two-story office building and vacant land
22 and 32 Nay Street-waterfront industrial land
Ownership:
Fairfield-Exeter, Inc.
Land:
62 and 66 Condor Street 22 and 32 Nay Street
Area (Including
23,749 sq. ft. (.55 acres) 236,364 sq. ft. (5.43 acres)
Abutting Section of 89,904 sq. ft. (2.06 acres)
Nay Street):
upland
Frontage:
127 ft. on Condor Street 289.5 ft. on Nay Street
127 ft. on Nay Street 289.5 ft. on Chelsea River
Utilities:
Electricity, Gas, Public Water & Sewer
Zoning:
62 and 66 Condor Street-Local Industrial (LI) Subdistrict
22 and 32 Nay Street-Maritime Economy Reserve (MER) Subdistrict and
Chelsea Creek Designated Port Area (DPA)
Building Improvements:
62 and 66 Condor Street- One and two story office building including 3,516
sq. ft. of rentable floor area excluding basement. The property includes onsite
parking at the rear and side of the building. The building was in average
physical condition as of the December 26, 2012 date of valuation.
22 and 32 Nay Street- the property is improved with two metal Quonset huts
including a total of 6,400 sq. ft.
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62-66 Condor Street & 22-32 Nay Street
II. Location/Market
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Location/Market
The properties are situated east of Meridian Street and between Condor Street and the Chelsea River
in East Boston.
Access over the Chelsea River between East Boston and Chelsea is via the Andrew McArdle Bridge.
Condor Street is a 50 ft. wide, two lane, two way public street that runs parallel to the Chelsea River.
Nay Street is a 50 ft. wide private way that begins at Meridian Street and continues east terminating at
the edge of the boundary of 32 Nay Street.
62-66 Condor Street is located on the north side of Condor Street and extends to Nay Street, while
Nay Street is accessible off the east side of Meridian Street
The site includes 55,425 sq. ft. of upland and two small buildings. The property is serviced with
electricity, natural gas and city water and sewer.
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Location/Market
The properties are within an industrial or marine-related neighborhood typical of deep-water ports
around the Boston Harbor and Chelsea River. The Chelsea River provides deep-water access and
dockage for ocean going and coastal tankers and barges that unload petroleum products at storage
terminals and tank farms situated along its banks.
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62-66 Condor Street & 22-32 Nay Street
III. 22-32 Nay Street
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22-32 Nay Street
22 and 32 Nay Street are within the Chelsea Creek Designated Port Area as designated by the
Massachusetts Office of Coastal Zone Management which is designed to protect marine industrial
uses.
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22-32 Nay Street
22 and 32 Nay Street consists of a rectangular level site improved with a two Quonset huts containing
a total of 6,400 sq. ft. of building area. The total site area is 5.43 acres, of which 2.06 acres, or 38%,
is upland. The upland at the property consists of open yard area that is generally unpaved and gravelcovered. The upland extends to a bulkheaded metal seawall where there is deepwater dockage. The
remaining 3.37 acres is tidal mudflats extending into the Chelsea River to the Harbor Commissioners
Line.
According to the Phase IV Completion Report and Response Action Outcome Statement dated
December 30, 2009, the subject properties are impacted by contamination relating to the use of
contaminated soil as fill material.
There is an AUL that restricts activities that would involve contact with the subsurface soil and
groundwater without the supervision and concurrence of an LSP and residential activities pending reevaluation by a Licensed Site Professional (LSP).
Two 3,200 sq. ft. metal Quonset huts with drive-in overhead roll up doors, metal doors, electric service
and concrete floors; built in late 1940’s; freestanding crane; concrete reinforced metal seawall; 6 ft.
chain link fence topped with barbwire which includes a manual gate along Nay Street frontage; metal
bulkhead at water frontage of upland.
The southerly boundary of the subject property has frontage along Nay Street, which is a private way.
As a result, property ownership extends to the centerline of Nay Street along the site frontage. The
adjacent property located at 84 Condor Street has a right of way over Nay Street to Meridian Street
.
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62-66 Condor Street & 22-32 Nay Street
IV. 62-66 Condor Street
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62-66 Condor Street
The subject property located at 62 and 66 Condor Street consists of a rectangular site improved with a
freestanding one and two story office building containing 3,516 sq. ft. of building area excluding
basement area. Approximately 15% of the site is improved with the office building and the remainder
consists primarily of asphalt paved parking areas.
Land Area:
23,749 sq. ft. including south side of Nay Street private way
Street Frontage:
127 ft. on Condor Street
127 ft. on Nay Street
Topography:
Condor Street frontage at grade; property drops down sharply at rear and
Is at grade with Nay Street and the lowest level of the building
Shape:
Rectangular
Subsoil:
The 66 Condor Street portion of the property is impacted by an Activity
and Use Limitation, which was discussed in the subsoil section of the 22
and 32 Nay Street description.
Site Improvements:
Metal chain link fence with gate along Nay Street frontage; metal chain link
fence along west edge of property; decommissioned antenna on concrete
pad at rear; plastic and metal chain link fence along Condor Street; asphalt
paved parking area.
Easements, Restrictions,
And Encroachments:
The northerly boundary of the subject property has frontage along Nay
Street, which is a private way. As a result, the property ownership extends
to the centerline of the street. The adjacent property located at 84 Condor
Street has a right of way over Nay Street to Meridian Street.
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62-66 Condor Street
The 62-66 Condor Street building consists of a one and two-story office building containing 3,516 sq.
ft. excluding basement. The main building was constructed in the early 1900’s, and the addition was
built in 1950. The office building is used to support operations at 22-32 Nay Street.
Occupancy:
Office
Age:
1910-main building; 1950-addition
Foundation:
Brick and concrete block
Frame:
Wood frame
Exterior Walls:
Wood shingle on main building; wood panel on addition
Roof:
Flat; rubber membrane on main building; asphalt shingle on addition
Windows:
Double hung thermopane windows with some aluminum storms and
screens in main building; original aluminum frame and double hung
windows in addition
Security/Fire Protection:
Smoke detectors; security system
Entrances:
Main entrance at front of building; access to basements of main building
and addition at grade at rear of buildings; metal door at rear of building t
o connector between main building and addition
Interior:
Layout:
Floors:
First Floor-main entrance to small foyer, small offices and work areas;
conference room; access to addition, 2nd floor and basement; bathroom;
office space in addition
Second Floor-private offices and work areas; copy room, kitchen;
bathroom
Basement-building mechanicals; storage;
Mostly carpet; vinyl tile in kitchen; wood or concrete in basement of main
building
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62-66 Condor Street
Walls:
Painted gypsum board; some brick in basement
Ceilings:
Acoustic tile or painted plaster in main building; painted wood in addition;
fluorescent and incandescent light fixtures;
Heating/Cooling:
Oil fired Williamson boiler (installed 2/28/2012); steam heat in main
building; electric baseboard heat in addition; wall-thru air conditioning units
in both buildings
Plumbing:
1st floor washroom includes toilet and sink; ceramic tile floor and lower
wall; second floor bathroom is similar quality but includes a plastic stall
shower; bathroom in addition includes sink, toilet and shower stall; fair
-average quality
Electrical:
200 amp, 240 volt, 3 phase service; main building and addition are
separately metered
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62-66 Condor Street & 22-32 Nay Street
V. Assessment & Annual Tax Data
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Assessment & Annual Tax Data
Address
62 Condor Street
66 Condor Street
22 Nay Street
32 Nay Street
0103699000
0103700000
0103683000
0103684000
$203,500.00
$189,000.00
$292,800.00
$439,300.00
$31.96
$31.96
$31.96
$31.96
$6,503.86
$6,040.44
$9,357.89
$14,040.03
Parcel
Identification:
Total
Assessment:
FY 2013 Tax Rate
per $1,000/value:
Actual Taxes:
Total FY 2013 Total Assessed Value:
$1,124,600.00
Total FY 2013 Total Real Estate Taxes: $35,942.22
The 62-66 Condor Street property is located in the Limited Industrial (LI) Subdistrict in the East Boston
Neighborhood District according to the most recent City of Boston Zoning Bylaws, Ordinance and
Zoning Map.
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62-66 Condor Street & 22-32 Nay Street
VI. MER Subdistrict
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MER Subdistrict
The 22 and 32 Nay Street property is located in the East Boston Neighborhood District and the
Maritime Economy Reserve (MER) Subdistrict according to the most recent City of Boston Zoning
Bylaws, Ordinance and zoning map. Most uses allowed by right in the MER Subdistrict are predicated
on being a maritime dependent use, including container redemption center, water freight or passenger
terminal facility and industrial uses. All other uses are prohibited in the MER Subdistrict.
The only dimensional requirements in the MER Subdistrict are a maximum floor area ratio of 2.0 and a
maximum building height of 55 ft.
Minimum off street parking requirements in the MER Subdistrict are limited to industrial uses and are .5
spaces per 1,000 sq. ft. of gross floor area.
The combined Condor Street and Nay Street properties were granted a Chapter 91 Waterways
License, No. 6965, on October 20, 1997. This license, which expires 99 years from the date of the
license is required to construct a 12 ft. wide public walkway along the western edge of the site. .
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