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North End building sold for $4.5 million

Posted by Jeremy C. Fox  November 30, 2010 03:37 PM

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(Jeremy C. Fox for Boston.com)


This building at 12 Parmenter St. was auctioned off on Nov. 19 for $4.5 million.

A 100-year-old building at the corner of Hanover and Parmenter streets in the North End has sold at auction for $4.5 million.

Justin Manning, president of JJ Manning Auctioneers, said the sale of 12 Parmenter St. will settle the estate of the late Louis Triulzi, a North End jeweler. His son Robert Triulzi, who arranged the sale, could not be reached for comment, but Manning said the building had belonged to the Triulzis since its construction.

“This was in the same family for over 100 years,” he said.

Manning could not release the name of the high bidder in the private auction until the sale is closed and becomes public record. That should happen by the beginning of next year, as the 45-day window to close the sale ends on Jan. 3, 2011.

Manning advertised the building as having “potential for high-end condo conversion,” but he said the buyer had not expressed to him an interest in pursuing that possibility, which put him or her in the minority.

“A huge segment of the interested parties that contacted us over the marketing period, that was something that a lot of them were interested in pursing if they were the winning bidder,” Manning said. He went on to say that the building was the second-most-viewed property on Manning’s website for 2010, after the Burlington Woods Office Park in Burlington, Mass., a foreclosure that sold for $33 million last May.

The private auction Nov. 19 in the upstairs function room at Ristorante Fiore, two doors down from the property, attracted a crowd of about 75, according to Manning, of which 14 came with the certified funds to qualify them as bidders.

Data from the Boston Assessing Department shows that the city assessed the total value of the land and the building for fiscal 2010 to be $1.4 million, but Triulzi had listed the property for $7 million before turning to auction.

Built in 1910, the 10,000-plus-square-foot building contains a small restaurant, Express, on the first floor, one two-bedroom apartment on the second floor and two one-bedroom apartments on each of the third and fourth floors. On floors five and six, which were added to the structure in 2001, is a two-story, four-bedroom and four-bath penthouse, according to an information package produced by Manning.

Frank DePasquale, who owns Express as well as Restaurant Bricco at 241 Hanover St., said the sale wouldn’t affect his business.

“I know I have a lease; I don’t know exactly how long it is. It might be seven ... I think it’s eight years,” he said. “I don’t care who owns it.”

Email Jeremy C. Fox at jeremycfox@gmail.com.

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