During the Depression, moviegoers flocked to see “The Thin Man” series, with the elegant and witty Nick and Nora’s sleuthing taking a back seat to moviegoers desperate to be distracted by the rich swells fueled by omnipresent martinis and rat-a-tat sophisticated banter, their hotel swanky, their clothing enviable, their money no object. When it opened its doors yesterday after more than a decade of development, the $300-million Mandarin Oriental did just that for the rest of us, becoming a clever, shining beacon of sophistication and style in times of gray economic gloom. “This is a level of luxury that we haven’t even seen here in Boston,” said local real estate agent Lois Kunian. “There are several luxury buildings, but they don’t have the level of service that this will have. No other luxury high rise has the restaurants that are in this complex, … There’s nothing else that has the level of luxury, including the stores that are in the Copley. It’s a welcome addition.” At the ribbon cutting yesterday, Mayor Thomas M. Menino said the arrival of the Mandarin to Boston signifies that our city has arrived. “It’s a world-class hotel in a world-class city. It will be a benchmark.” In a time when there’s a sludge of real estate on the market, frozen alongside lines of credit, the Mandarin’s 50 units were sold a long time ago. Apparently, with all of the luxury high-rises already present and on the way, including an impressive collection of existing properties, there was still room for a property aimed at Boston’s elite, everyone from Back Bay residents to the international jet set. “The Mandarin Oriental Hotel Group thinks very carefully about where to locate its new properties,” said new general manager Susanne Hatje. “They do significant market research, and we found that Boston is exactly the right city for our project. There is a wonderful diversity of economics here, and people here have a sincere appreciation for quality, service and style.” The Mandarin’s guests, renters and condo owners benefit from the 776 Boylston St. property being nestled between Copley Place and the Prudential Center, which are connected to the hotel by a covered walkway. Tony Newbury Street and fine dining are just steps away. The Mandarin provides to the Back Bay a new wealth of opportunity: 149 guest rooms, 50 luxury condominiums, 35 luxury apartments, ample event-planning space, a plush salon, fitness center, top restaurants and retail. The guest rooms and suites boast the largest average room size in Boston, flat-screen TVs, wireless and wired Internet access, granite bathrooms with separate soaking tubs and shower. The top of the line suite is the indulgent 2,600-square-foot Presidential “Dynasty” Suite. For business meetings and social events of up to 600 guests, the Mandarin offers configurable rooms and a ballroom, with high-speed Internet, a/v, lighting technology, professional planning team, translation services, and dedicated kitchen. The classic and contemporary design is by local interior designer Frank Nicholson, who used Asian decorating accents to reflect the heritage of Mandarin Oriental, and comfort and warmth to reflect a more Boston accent. Guest rooms feature custom furnishings in exotic, golden-hued anegre wood and lush silk. “I think it’s a very important hotel for the City of Boston and Back Bay as well,” said Back Bay Association President Meg Mainzer-Cohen. “I don’t think we’ve ever seen anything like this.” Mandarin Oriental Hotel Group is the award-winning owner and operator of 40 hotels in 24 countries, with 16 hotels in Asia, 14 in The Americas and 10 in Europe and North Africa. But the residential component of the Mandarin is fairly new. When hotel owners were asked to also include a residential component, Boston was one of its pioneers in this combination development, said the general manager, who comes to Boston from her previous post at the Landmark Mandarin Oriental in Hong Kong. “The addition of the residential component made this a very interesting and attractive project for Mandarin Oriental to partner with CWB Boylston,” said Hatje. “All of the residences will have access to the same services that the hotel guests do, which is a fun and exciting challenge for a general manager.” The condos, which range from $2 million to $14 million as of 18 months ago when they first went on the market, were all sold, based purely on floor plans. That’s about $1,500 to $1,800 per square foot. A 4,500-square-foot, two-bedroom went for $8 million. “The price per square foot far exceeded anything at the time,” said local real estate agent Lois Kunian, who is closing on some of the units. They went on the market 1 ½ years ago.” They sold when others lagged because of what the Mandarin offered for services, she said. “That kind of luxury hasn’t been seen before in the Boston area. This is a whole different market than those buying brownstones facing the river, or at the Four Seasons or the Heritage. People bought in because it was the Mandarin coming to town. It’s the services, and the name that gets attached to those services.” Condo units feature one-two parking spaces, gorgeous views, 12-foot ceilings, spacious bathrooms, floors lined with African walnut, Indian rosewood, bamboo, and imported tile; home gyms, built-in safes, white marble windowsills, self-retracting kitchen drawers, mahogany entry doors, with additional upgrades available to buyers. Twelve units have private roof decks accessible through a personal elevator, where owners can order barbecued steaks and seafood. Monthly fees of more than $5,000 a month include hot water, water, sewer, master insurance, security, exterior maintenance, landscaping, storage, trash removal and valet parking. More than 40 of the buyers, who were invited to buy via exclusive invitation, are reportedly from Boston, and reportedly include Celtics managing partner Robert Epstein, former FleetBoston Chief Operating Officer (COO) Charles K. "Chad" Gifford, and mega auto salesman Herb Chambers, formerly of Commonwealth Avenue. Chambers told the Globe, "There have been several other high rises, but all of these pale by comparison to the Mandarin. It's a full-service building, and you'll have beautiful service." One penthouse was purchased for $14.3 million by local developer Pritam Singh, who then complained about the lack of sunlight in the winter, and so the unit was then happily plucked by Needham developer David Rosenberg, according to reports. In fact, several of the condo units that were snatched up early were already being publicly resold before anyone could set foot within the unit. Since they sold so quickly, is there room in Boston for even more luxury units of this caliber? “Not now, not in this economy,” said Kunian. “I might have given a different answer a few weeks ago.” Are Mandarin developers a little nervous about opening its doors during a time of economic uncertainty? “We recognize that these are uncertain economic times, but we really believe in the economy of the city and of America,” said Hatje. “That said, we are pleasantly surprised to find that our occupancy rate is running ahead of our projections…and I should know – I check them every morning!” The rental portion of the Mandarin has units ranging from $6,000 to $12,000 a month, which at one point had a long waiting list for the 25 available units. Some of the condo owners are renting out their units for $12,000 a month, up to $25,000 for a 7,000-square-foot, 14th floor penthouse, according to reports. To meet affordable housing requirements set by Boston law, 10 apartments will be rented out in the 14-story residential tower between the fourth and eighth floors. For example, a two-bedroom which would rent for $12,000 a month would go for $2,300 to a family of four making $103,000 annually, or 120 percent of the area’s median income. “I was quite surprised at the income ranges for the affordable units,” said Rep. Marty Walz, who led the Prudential Public Advisory Committee (PruPAC) meetings early on in the Mandarin approval process, which required the Mandarin to add residences to the project. “I was anticipating the incomes would be lower.”
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