A New York investor is expected to pay about $27 million for a 19,041-square-foot retail building in Boston’s Back Bay.

The 28 Newbury St. property houses Banana Republic. If the deal goes through, the property will be selling for about $1,400 per square foot. The retailer pays roughly $50 per square foot to rent the space on the city’s most high-profile retail boulevard. According to information provided by The Warren Group, Banker & Tradesman’s publisher, the building is currently owned by Boston investor Anastasios Parafestas. The building was assessed at $7.02 million earlier this year. Holliday Fenoglio Fowler brokered the deal.

"The Back Bay is the hottest it’s ever been," said one industry executive about the pending transaction. He asked for anonymity due to a conflict of interest.

However, another expert on Newbury Street retail space said whoever is buying the property "is grossly overpaying."

But the 27,000-square-foot Apple store on Boylston St. is expected to sell for $30 million, about $1,100 per square foot. Apple pays about $45 per square foot in rent each month for the 815 Boylston St. address.