Boston hoping new management can revive Faneuil Hall and Quincy Market
BOSTON - City officials are praising a move they believe will reinvigorate Faneuil Hall Marketplace. After 13 years, the iconic destination is getting a new landlord.
Ashkenazy Acquisition Corporation took over the area in 2011. Now, J. Safra Real Estate is taking the reins. The company owns hundreds of billions of dollars in assets including key properties in New York and London. The two companies are familiar with each other and have been strategic partners in the past. In a statement from J. Safra, Ashkenazy had the following to say.
"It has been our honor and privilege to have served Faneuil Hall Marketplace, the City of Boston, and the millions of visitors who have enjoyed their experiences at this historic asset," said Joe Press, Chief Operating Officer at Ashkenazy Acquisition Corporation.
The marketplace area consists of Quincy Market and the retail buildings that run parallel to the market. In recent years, numerous retail spots have remained vacant in the once bustling district.
"This used to be one of the most visited places in the world," said Robert Zangla, a customer at the marketplace. "You tell people go to Faneuil, go to the North End for some Italian food, or Newbury Street."
"Just a lot of the stores have gone down. There used to be the Cheers bar over there that is now closed," adds Peter Quigley, another customer. "It doesn't seem as kept up in the centers here."
"In a lot of ways, it felt like the former landlord was absentee, and not just managing any old asset downtown, but a civic trust in many ways," said Michael Nichols, President of the Downtown Boston Business Improvement District. "There is something like $45 million in deferred maintenance at Faneuil Hall. It is not the compelling public space that it should be. We really hope this will usher in a new energy for Faneuil Hall that should help the overall growth of downtown."
In a statement, Mayor Michelle Wu praised the move by saying this could be a huge opportunity for local business owners:
"Quincy Market is the first experience that many people from around the world have of Boston, and we have the potential to showcase the talent, the diversity, and local flair of more of our own small businesses and entrepreneurs. This is an opportunity to create a more vibrant and welcoming space for residents and visitors, while supporting the vitality of Downtown Boston."
