New York investor eyes ‘transformational’ changes after buying prize Greenway parcel

Hanover pic

A New York-based company that specializes in the development of retail properties last week bought land and buildings near the Rose Fitzgerald Kennedy Greenway for $10.5 million from an LLC associated with the family behind Martignetti Liquors.

The deal between Charter Realty & Development Corp. of Rye Brook, N.Y., and Sixty Cross Street LLC was recorded in the Suffolk Registry of Deeds on Oct. 28.

The land and buildings are at 60-70 Cross St. and 198 Hanover St. and are adjacent to Salem Street — a parcel across the Greenway from federal offices. The parcels that are part of the deal include a building with several retail business fronting on Cross Street and a four-story apartment building behind it with a Salem Street address.

“We clearly see an amazing opportunity — something transformational here,” Paul Brandes of Charter Realty & Development said in an interview.

“We’re going to study it and speak with the North End community and, ultimately, do something special,” he added.

Charter describes itself on its web site as: “a real estate investment, development, and leasing company specializing in retail properties. The Company was founded in 1993 by Paul Brandes and Daniel Zelson.”

“Since its founding,” the autobiographical material continues , “Charter has acquired and developed more than 60 shopping centers and freestanding net leased properties comprising nearly 10 million square feet with a total acquisition and development cost in excess of $1 billion. To accomplish this, the principals of the Company have used their strong investor base and lender relationships to raise the necessary debt and equity to finance and fund these acquisitions. Charter has developed a niche as one of the most prominent value-added retail development companies in the northeastern United States. Its ability to work through complex ground-up development and redevelopment scenarios has earned Charter this reputation.”

The principals of Sixty Cross St. LLC are listed in a secretary of state’s filing as Carl J. Martignetti and Carmine A. Martignetti. An executive at Martignetti’s Norwood headquarters didn’t return a call seeking comment.

A mortgage document recorded at the registry indicates Santander Bank provided $6.5 million of financing toward the deal.