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St. Regis condo developer sells 10 units in unconventional ‘limited inventory bid’ process

Jon Cronin offered one- and two-bedroom condos with minimum required bids about 20 percent below recent sales

The St. Regis Residences (right) opened last year.Erin Clark/Globe Staff

St. Regis Residences developer Jon Cronin sold 10 units in the luxury condominium tower through a “limited inventory bid sale” designed to stir up interest in the nearly half-empty Seaport building.

All 10 one- and two-bedroom units included in the bid sale fetched prices above the minimum required bids, according to a statement on Monday from Cronin Development and The Collaborative Companies, which took over marketing of the 114-unit building last month.

Buyers paid all-cash, Sue Hawkes, managing director of The Collaborative Companies, said in the statement. Prices weren’t disclosed.

The minimum required offers were set at about 20 percent below recent comparable sales.


The 22-story tower has prime waterfront views and white-glove amenities such as 24-hour concierge and butler services. But the condos — even units that don’t look out over the harbor — were priced at a premium to the market, and sales had been sluggish.

Most of the units offered don’t have waterfront views. The minimum bid was $1.4 million for one-bedroom units with a den, down from the most recent comparable sale of $1.775 million. The minimum is $3 million for 2-bedroom units with a den, down from $3.7 million.

Cronin said last month that he had secured new financing for the St. Regis Residences from Cottonwood Group, a Los Angeles-based real estate investment firm that developed EchelonSeaport, a luxury condo and apartment complex across Seaport Boulevard from his building. According to Monday’s statement, Cottonwood provided $240 million for a senior mortgage. Other terms weren’t disclosed.

Larry Edelman can be reached at Follow him @GlobeNewsEd.