Paul Ognibene, BRIX, and Breaking Records
BRIX, a new 61-unit condominium building in historic Salem is being developed by Paul Ognibene and his Cambridge-based company, Urban Spaces. This 61-unit multifamily building, first visualized by Paul Ognibene several years ago, has reached a pricing milestone for a multifamily condominium building.
“For the first time in the history of this municipal treasure,” noted Paul Ognibene, “Salem will record no fewer than three condominium sales in excess of one-million dollars.” This achievement is likely a pricing record for other North Shore communities as well, and it underscores the contention of Paul Ognibene that multifamily condominiums in suburban cities and towns are alive and well.
“This doesn’t just happen,” allowed Betsy Merry of Merry Fox Realty of Salem, a joint venture partner on the marketing of BRIX with Boston-based Charlesgate Realty Group, “In addition to a top-shelf location and product, buyers willing to make a commitment of this magnitude during construction need to have confidence in the development ream and their track record of delivering on their promises. With Paul Ognibene leading the team, that isn’t an issue at BRIX.
All of the million-dollar condominium homes share certain features and attributes. The panoramic views in every direction overlook the historic downtown and period rooftops towards the protected harbor and the open ocean. “The units themselves are large,” said Paul Ognibene, “but designed for a more efficient, pedestrian lifestyle that is quite different from the larger homes they’re leaving. Fireplaces, special finishes, and some custom touches completed the offering.
According to Paul Ognibene, BRIX is already over 80% sold out after only a few months of being introduced to the market. While many units are well under the million-dollar mark, the same trust in the developer’s experience, perhaps as much as any pent-up demand for a great location, continues to evidence itself as construction continues towards a Labor Day 2021 completion date.