IG eyes Red Sox land deal – Boston Herald
The state Inspector General is scrutinizing the BRA’s nearly $2.7 million purchase of a small parcel near Fenway Park from the Red Sox last year in the waning days of the Menino administration — a price roughly six times higher than the value the team paid just three years earlier, the Herald has learned.
The 6,500-square-foot parcel the Boston Redevelopment Authority bought in 2013 was part of a much larger, nearly 35,000-square-foot plot — a parking lot behind Tasty Burger — that NESV Real Estate, a sister company of the Red Sox, acquired in 2010 from the Abbey Group in a land swap.
“The Abbey Group engaged in a property exchange in 2010 with the Red Sox in preparation for the development of our Viridian project,” David Epstein, president of the Abbey Group, said in a statement yesterday.
According to records with the Suffolk Registry of Deeds, the Sox conveyed to Epstein’s company a parcel at 1282-1284 Boylston St. and the Sox in turn received the expansive parcel at 70 Van Ness St., which the deed valued at $2.3 million.
Three years later, in September 2013 during the final months of the Mayor Thomas M. Menino administration, the BRA agreed to pay nearly $2.7 million to the Red Sox for the smaller Van Ness parcel, which is one-fifth the size of the original piece of land the team acquired. In doing so, the BRA paid roughly $406 per square foot for its smaller Van Ness lot while the Red Sox, based on the value of the land exchange, paid $66 per square foot for the site.
A source with knowledge of the IG’s investigation said the “IG’s office has raised questions at the BRA and has questioned a former BRA official about the Van Ness property transaction.”
The source added the IG’s office “wants to know …read more