Michael Carucci, Executive Vice President of Gibson Sotheby’s International Realty Brokers the Sale of 346 Newbury Street for $13.1 Million

Michael Carucci and The Carucci Group demonstrate continued momentum in 2017 on the heels of $183 million in transactions to close 2016

BOSTON, Jan. 10, 2017 /PRNewswire/ — Michael Carucci, Executive Vice President of Gibson Sotheby’s International Realty, announces today the sale of 346 Newbury Street in Boston, Massachusetts for $13.1 million.

Located on one of the finest blocks in Boston’s prestigious Back Bay neighborhood, 346 Newbury Street is home to renowned clothing and apparel retailer Patagonia. Carucci represented the seller, Studio Realty Trust, and identified the buyer, UMNV 346 Newbury LLC, a joint venture between UrbanMeritage and Novaya Real Estate Ventures, in the transaction.

“Michael has brought us many opportunities on Newbury Street over the years. We are excited to add this great asset to our expanding Newbury Street portfolio,” commented Vin Norton, Principal of UrbanMeritage.

“346 Newbury is a blue chip asset an ideal portfolio hold. It was a pleasure working with both the buyer and seller on this transaction,” commented Michael Carucci, Executive Vice President Gibson Sotheby’s International Realty.

In addition to the transaction of 346 Newbury Street, Carucci, who is regularly tapped for large-scale commercial acquisitions in Boston, has brokered the sale of neighboring properties, including 240A Newbury Street, which served as home to one of the city’s most renowned bars Daisy Buchanan’s, for $15 million and others. 346 Newbury Street encompasses nearly 7,000 square feet of prime commercial space across two floors.