Neighborhood Snapshot: The Leather District

Boston’s Leather District is tucked between the Financial District and Chinatown. It’s name stems from tragedy. After Boston’s Great Fire of 1872 devastated the city’s business district, this 9-block neighborhood became the center of the leather industry. Today, it’s best known for its brick warehouse structures and hot spots like Les Zygomates and O Ya. Before we get into the market stats, let’s take a look at some new developments reshaping the neighborhood.

150 Kneeland St.

150 Kneeland
Image via Bldup

Keep an eye out for a 21 story hotel with 230 rooms and a lounge located at the corner of Kneeland and Utica Streets. The property presents upside development potential and is located across Kneeland Street from the SouthGate Boston development site and steps from the recently built 21-story One Greenway apartment tower.

125 Lincoln St.

125 Lincoln
Image via Google

New renderings have recently been released for a plan to demolish a Leather District parking garage and build a 24-story office building in its place. The owners of 125 Lincoln St. say the new 625,000-square-foot building will include ground-floor restaurant, retail, and other commercial uses, plus underground parking. There will also be indoor and outdoor space for the public.

Market Snapshot

With a prime location, easy access to highways, public transit, and the booming Financial District, it’s easy to see why someone would want to call the Leather District home. Let’s take a quick look at Q2 home values.

Median Price: $1,038,000
Median Price Per Square Foot (PPSF): $713

Median price is up 1.3% YoY. Interestingly the PPSF is down 1.8% YoY. This could be due to a few properties that were outliers last year with higher PPSF accounting for outdoor space and parking.

Source: Compass.

Click the photo below for a collection of available properties in the Leather District.