Image courtesy Google Maps
A warehouse in Somerville’s Brickbottom neighborhood that was converted into dozens of artists’ studios and makerspaces has been sold to a New York developer that’s been expanding its inner suburban Boston portfolio.
North River Co. paid $25.5 million for 86 Joy St., a 62,000-square-foot former warehouse set on a 1.8-acre parcel. The New York City developer owns 3.65 million square feet of mixed-use properties, primarily in the Northeast, including the nearby 200 Inner Belt Road complex.
The Joy Street property contains 62 art studios and 15 commercial spaces, according to the Joy Street Studios web site. A message seeking details on the organization’s future was not immediately returned.
The seller, Joy Street LP, bought the property in 1998 for $32,500, according to property records. The parcel is currently assessed at nearly $4.2 million.
North River Co.’s local portfolio also includes the Acorda Therapeutics complex in Chelsea, spanning 140,000 square feet of office, lab and manufacturing space at 180-190 Everett Ave. and 115 Carter St., which it acquired in 2017 for $17.5 million.
North River Co. was not immediately available for comment on its plans. Chris Pachios, a North River Co. partner, has Massachusetts ties as a former broker for Burgess Properties where he specialized in acquisitions of industrial properties in Boston inner suburbs, according to a 2017 report in the Chelsea Record.
