In perhaps the most dramatic example of the decline of the Boston office market yet, Triple Net Investor reports a subsidiary of Blackstone Real Estate Trust last week sold the five-story 179 Lincoln St. at Kneeland Street in the Leather District for just $10 to local developer Synergy.
Synergy is actually also paying another $76.5 million – to assume the amount remaining on the mortgage Blackstone took out in January, 2020.
But even with that amount included, it still represents a loss for Blackstone, because it paid $155.7 million for the building, according to Suffolk County Registry of Deeds records.
The company Blackston bought the building from had in turn paid $75 million for the building in 2012, according to Registry of Deeds records.
The city currently assesses the building at $86.3 million – down from $91.2 million in 2023.