Photo by Steve Adams | Banker & Tradesman Staff
As the first closings near at the latest entry in Boston’s ultra-luxury condominium market, developers are counting on newcomers to generate a significant portion of sales.
Set apart from tony residential neighborhoods such as Back Bay by the Financial District’s office towers, but right next to the Seaport District, the 166-unit Ritz-Carlton Residences at the South Station Tower may be a tough sell to some locals. Out-of-towners, perhaps freed from preconceptions about Boston geography, have a different perspective.
“They think that this is the best location geographically that is truly the epicenter of Boston,” said Manuel Davis, the property’s director of sales and an agent with The Collaborative Companies of Boston, during a tour of the 51-story building. “They love the fact that the largest transit center in New England is beneath us, and find there to be great value here compared to all the towers in the city today.”
Value is relative in the luxury residential market. At the Ritz-Carlton, that means 1-bedroom units starting from $1.2 million. Those with deeper pockets can consider seven penthouses, including double-story “duplex” units with floor-to-ceiling windows stretching approximately 20 feet. One penthouse already is under agreement for $14.2 million.
Like MP Boston’s Winthrop Center tower completed in 2023, the Ritz-Carlton locates its condos above office space, giving residential floors the most elevated views. Unobstructed vistas of the Charles River, Back Bay skyline and sunsets are available in units on the west side of the building. East-facing units have equally dramatic views of the Seaport District and Logan Airport’s busy operations.
While the Rose Fitzgerald Kennedy Greenway sits outside the complex’s front door, architects Pelli Clarke & Partners of New Haven, Connecticut gave residents a private park space in the form of a nearly 1-acre “Sky Park” located on the 11th floor. Designed by OJB Landscape Architecture, it’s expected to host yoga classes and events during the warm weather season.
Amenity spaces including a chef’s kitchen, observatory, fitness center, outdoor lounge and balcony swimming pool occupy the 36th floor.
After peaking in 2021 at nearly 6,000 units, condo sales in Boston’s urban core have steadily declined. Just 1,710 sales took place in the first half of 2025, according to The Collaborative Companies, representing the lowest absorption level in 20 years.
Some recent luxury condo projects in Boston have struggled with slower-than-projected sales. The St. Regis Residences on Seaport Boulevard has a distinct disadvantage in units on the southwest side of the 22-story tower, which lack Boston Harbor views and face nearby high-rises.
Declining sales activity in the luxury condo market may have prompted one developer to pause a transformational project in Back Bay: 231 condos in a new 20-story tower above the Motor Mart Garage on Stuart Street. Los Angeles-based CIM Group recently listed the property for sale, without moving forward on the development that was approved in 2019. Plans for 125 condos in a 10-story tower above the Dock Square Garage near Faneuil Hall Marketplace also haven’t moved forward.
Two other luxury condo projects are under construction in Boston’s urban core.
The Fallon Company of Boston is expected to complete its One Harbor Shore tower late this year, comprising 122 units in a 14-story building at its Fan Pier development in the Seaport.
And Boston Residential Group is building 29 condominiums in a 12-story building overlooking the Greenway at 55 India St. That project also includes three double-story penthouses ranging from 2,500 to 3,000 square feet.
Photo by Steve Adams | Banker & Tradesman Staff
