Real estate

South End hostel sold to developer for $17m

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A Boston real estate firm has purchased a South End hostel that it plans to redevelop into a dormitory or a modern boutique hotel catering to young business travelers.

The Mount Vernon company purchased the building at 40 Berkeley Street for $17.2 million. The seller was an entity owned by former Boston Redevelopment Authority director Mark Maloney and Georgia Murray, chair of the Rose Kennedy Greenway Conservancy. Bruce Percelay, founder of Mount Vernon Co., said he will not make any decisions about the redevelopment of 40 Berkeley until he meets with neighbors and city officials. He said three colleges have already approached him about master leasing the property for their students, but he declined to identify them.

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