Feds Roll Out Money Laundering Rules for All-Cash Home Sales
All-cash purchases of residential real estate are considered at high risk for money laundering. The rule would not require the reporting of sales to individuals.
Needham Bank, Parent Firm Appoint New CFO
Needham Bank and its holding firm NB Bancorp Inc. appointed a new chief financial officer, Jean-Pierre Lapointe, effective Feb. 1.
NAR Prez in Boston: Agents Must ‘Adapt’ on Commissions
Speaking at a Lamacchia Realty conference in Boston Feb. 1, the new president of the National Association of Realtors declared that the traditional rules of agent commissions are “going to change” in the wake of a $1.78 billion lawsuit.
Developer Proposes Lab Project Near Wellington Circle
A contaminated industrial site near Wellington Circle would be redeveloped as a lab complex under a proposal by an Acton developer.
Report Cites ‘Broad Based’ Weakness in Mass. Economy
The performance of the Massachusetts economy during the last quarter of 2023 was “noticeably weaker” than the national economy, according to new report, in part thanks to a “much weaker than usual bonus season.”
Mass. Bankers Supports Lawsuit Over ‘Counterproductive’ CRA Rules
The Massachusetts Bankers Association is voicing support for a lawsuit filed by national bank trade groups earlier this week over stringent and what the national groups call “counterproductive” changes made to Community Reinvestment Act rules.
MIT Completes $750M Kendall Square Acquisition
The purchase marks a key milestone in the university’s plans to build eight buildings totaling over 3 million square feet of development in the heart of the state’s innovation hub.
Boston’s Mayor Not Giving Up on Fare-Free Buses
A trio of MBTA bus routes in Boston will continue to operate without charging fares for another two years thanks to an investment of more than $8 million from the city, Mayor Michelle Wu announced Tuesday.
Corcoran & Co. Breaks Ground in Stoneham After Decade-Long Battle
Braintree developer John M. Corcoran & Co. broke ground on a 259-unit development in Stoneham, two years after the town lost an appeal over its right to reject projects under Massachusetts Chapter 40B affordable housing law and nearly a decade since the project was originally proposed.
Lawsuit Alleges Flaws at State Street HQ
Developers of State Street Corp.’s new headquarters say design flaws that failed to take into account Boston’s frigid winters forced them to sacrifice leasable space and drove up project costs.
MBTA’s Eng Says T Wants to Prevent Repeat of Lynn Station Shutdown
Developers who’d invested in downtown Lynn apartment buildings got a rude shock in 2022 when, citing the structure’s decrepitude, the MBTA suddenly shut down the train station that had been a key part of their formula for success.
Alexandria Takes Loss in Sale of Andover Property
A Lawrence buyer snapped up an Andover office building put on the market by Alexandria Real Estate Equities after just over two years of ownership.
Chase Ups Mass. Expansion Plan to 110 Branches by 2027
From previously targeting to open 90 branches, JPMorgan Chase has set a new expansion goal of 110 branches in Massachusetts by 2027 bank executives express optimism about branch-based growth in the state.
Urban Core Condo Sales Hit Five-Year Low
Condominium sales volume in the Boston urban core dropped to the lowest level in five years as rising mortgage rates favored rentals over home ownership, according to a Boston brokerage.
MassGOP Leases Bulfinch Triangle Space for HQ, Says It’s ‘Back In The Fight’
Touting the party as “in the strongest position we’ve seen in years,” MassGOP officials on Monday announced major fundraising success and plans to return operations to their former Boston headquarters.
TD Bank to Open Nubian Square Branch in the Fall
After announcing a $20 billion “community investment plan” in five metro areas, including Boston, TD Bank said it will open a branch in Nubian Square in Roxbury in the fall as a part of an effort to serve low- and moderate-income individuals and families, and minority communities.
New Supply Cools Off Boston Rent Increases
Apartment vacancies rose to their highest levels in three years as developers delivered 8,700 units in eastern Massachusetts during the past year.
Personnel File – No. 360
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s The Personnel File.
In Interview, Powell Confirms Three Rate Cuts Likely
The Fed chair also reiterated that the central bank’s next meeting in March was likely too soon for a rate cut. Most economists think the first cut is likely to come in May or June.
U.S. Growth Lifts Mass. Employer Confidence
Massachusetts businesses kicked off the new year with a sunny disposition, with business confidence among employers surveyed by Associated Industries of Massachusetts rising to an 11-month high in January.
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