news & press

BOSTON—Some investors buy on the margin. In Allston-Brighton, Mount Vernon Co. just bought on the hyphen. The homegrown firm led by founding principal Bruce Percelay paid $12 million Friday for 103 North Beacon St. a 27,350-sf commercial building Boston Realty Advisors listed for sale this March, the well-regarded 1.5-acre property serving as longtime home to Wolfers Lighting and its elaborate showroom.

Amazon’s confirmation it will bring at least 2,000 jobs to the Seaport has many reading the tea leaves as to what this means for Boston’s HQ2 bid — and its proposed site across Boston Harbor at Suffolk Downs.

Mount Vernon Co. has just paid fellow homegrown developer Clifford Long $6.8 million for a chic 12-unit South End Inn, as usual the deal done with a broader scheme in mind. Chandler Studios complements a 210-unit hotel at 40 Berkeley St. MVC founder Bruce A. Percelay purchased in April 2014 for $17.2 million.

Chairman Bruce Percelay on what it means for Boston to experience a loss.

Boston real estate investment firm and landlord Mount Vernon Co. is seeking city permitting for a five-story, 74-unit apartment building in Boston’s Allston-Brighton neighborhood and a separate four-story building with nine condos across the street.

The Mount Vernon Company files plans for a 74 units in Allston.

The opening of new apartment buildings in the region has helped to blunt the surge in rents, according to two new reports, the latest sign that the wave of development is starting to have an effect on housing costs.

In the face of a new year, Boston’s development community says more housing is a necessity if the city expects to continue courting corporations and the office expansions they provide.