BOSTON BUSINESS JOURNAL - North End apartment building fetches $2.4 million at auction
Boston Business Journal by Thomas Grillo, Real Estate Editor
Date: Thursday, August 2, 2012, 3:43pm EDT
At $2.4 million, Matteo Gallo, a landlord in Boston's North End, was the successful bidder Thursday on an eight-unit, apartment building on Charter Street.
The auction attracted 130 people and two dozen potential buyers who each put up $75,000 to bid. The five-story brick property at 9 Charter St., at the intersection of Hanover Street, was owned by the St. Joseph Society and assessed at $831,000.
"Regardless of people's perception of the economy and the real estate market, certain areas, like the North End are immune to it," said Justin Manning, president of JJ Manning Auctioneers, who conducted the auction. "They're not making any more North End. It's extremely desirable."
Last year, the company auctioned 12 Parmenter Street in the North End for $4.4 million. The property had an assessed value of $1.4 million.
Gallo, who owns properties on Sheafe, Wiget, North, Hanover, Prince streets and Union Wharf, did not return a call seeking comment.
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