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Richard Friedman
Title: CEO, Carpenter & Co.
Age: 77
Industry experience: 52 years
Richard Friedman travels in rarefied circles of business and politics, so when the Cambridge developer says he’s lined up a “who’s who” of buyers for his Four Seasons Private Residences tower in Boston, it’s probably not hyperbole. Two of the three penthouses are under agreement – one for $40 million – and Dell founder Michael Dell is reportedly one of the buyers in the 61-story tower under construction in Back Bay. Sales of the 160-unit condo portion of the building – with the Four Seasons hotel rooms on the lower floors – have been strong, Friedman said.
For a developer known for luxury hotels and residences, Friedman considers his first big break the development of the Fiduciary Trust Co. building in downtown Boston. That project fit into his philosophy of developing difficult projects in core neighborhoods, Friedman said, one that he’s stuck with as his focus shifted to hospitality and luxury housing.
Q: Why did the underground portion of the construction take so long?
A: That was very tricky. We decided, unlike some people who don’t have as much care and passion as we do, to go to bedrock, pretty much 10 stories. It’s a very strong structurally so it took a long time to do that. It’s a poured concrete construction and it’s a very stiff building.
Q: How many of the penthouses are under agreement?
A: Two are under agreement. The other I can’t say (the sale price). We’re the fastest-selling project in Four Seasons history worldwide. We’re way ahead of schedule. The crane is being raised this weekend to what they call the last jump. I saw the building from Weston this weekend.
I’m not allowed to say what percentage are under agreement, but we’ve got a “who’s who” kind of clientele, a wonderful group of people. People think it’s people from all over the Middle East or somewhere else, but it’s 80 percent people from within Eastern Massachusetts. We’re getting people from other parts of Back Bay and Beacon Hill, some of the suburbs, people who have been waiting for this product for a long time.
Q: Can buyers combine units?
A: A few people have combined units. We offer a completely finished unit, but quite a few people have taken a couple of units and they customize them if we haven’t bought the kitchens or whatever. We’re open to anything. But we don’t really try to sell to investors. If someone comes and says, “I want to buy five or 10 units,’ I just say, ‘Sorry.’”
Q: What’s more important for condo buyers today: technology or personal services?
A: You’re living in a five-star hotel, or above a five-star hotel. You have all the services that are available in the best hotel in Boston – room service, maid service, dog-walking – and it’s extraordinary. Then we have a shared facility for a spa, health club and exclusive to the condos is the floor that has a golf simulator, office space, dog washing and a theater.
On the 50th floor, we have a place we’re going to call Club 50/50. It’s a restaurant-bar-lounge managed by Four Seasons that will be for residents only. It’s taking a very valuable space and devoting it to the group. There’s a great deal of security. We’re also going to have the fastest Internet in the Boston area, the same speed as MIT.
It’s not one thing. There’s essentially no corridors in the building. The way the site lays out, at the most you get off the elevators and you go left or right. There’s two units. Many units, the elevators open straight into the unit. In other buildings, you feel like you’re in a motel walking down the hall. We’re really building homes in the sky, and the views are virtually unobstructed. From the site you can see Cape Cod and look into Fenway Park.
Q: What’s the biggest risk to Boston’s real estate market right now?
A: Boston is literally one of the greatest cities in the world. I am bullish on Boston. People are so anxious they will develop things in not the best locations. And it’s still a city where it’s very sensitive to where you are in the city. We raised the money to build One Dalton in 24 to 48 hours. That tends to push people to do projects that maybe are not the best, to develop things they shouldn’t. I don’t want to be specific. I like to develop things that are hard to develop. I don’t like to go where it’s easy, and I tend to stay in the inner areas.
Q: How do you know when to back away from a deal?
A: I haven’t walked away from too many because we do a lot of work before we enter the competition. We fight hard and try to figure it out. They all work if you stick with it and you’re creative. Whatever you think you’re going to build, won’t be what you build. At One Dalton, I was a year into construction and I was saying, “Why don’t we go another five floors and do the tallest building in New England?” My engineers said, “Hey Dick, what are you smoking?”
Q: Wearing your political fundraiser hat, how do you rate the Democrats’ prospects in 2020?
A: I’m hopeful about 2020. We’ll see what happens. I’m hopeful about 2018 as well. It would be good to get back into power, but it’s not clear it’s going to happen.
Q: What about Deval Patrick’s chances?
A: I know Deval very well, saw him at a dinner last week. He was a good governor and he’d be a good (presidential) candidate. But this field hasn’t formed yet and it’s too early. Maybe after the midterms, the race will start. Every one of them will come and see me and won’t be asking me for my views on trade policy. They’ll be asking for money.
Friedman’s Five Favorite Rock Stars:
- Keith Richards
- Sheryl Crow
- Queen Ida
- Joe Cocker
- Paul Simon
