Think A Lawyer Can Afford a $13 Million Condo? Think Again.

The Mandarin Oriental in Boston.

Some readers have issues with the often irreverent commenters here at Above the Law. While ATL commenters sometimes say hurtful or offensive things, like anonymous commenters all over the internet, they also provide significant value. They serve as copy editors, highlighting our typographical mistakes; they work as tipsters, pointing us in the direction of news stories; and they function as fact checkers, identifying errors in reporting.

Relying upon the estimable Boston Globe, we recently reported that Henry Rosen, a real estate lawyer at Choate Hall & Stewart, purchased a fabulous $13 million penthouse condominium. But a commenter came along and disputed that: “[Rosen's] just a straw — he purchased it as trustee for a trust.”

After seeing this comment, we raised the issue with the Boston Globe reporter who wrote the original story. And as it turns out, Henry Rosen is not the real party in interest. He is not the true purchaser of the prime penthouse at the Mandarin Oriental in Boston.

Let’s look at the Globe’s correction….

Is this luxury condo simply too fabulous (or expensive) for lawyer residents?

Here’s the correction that appeared in today’s Boston Globe:

Because of a reporting error, a story on Friday’s Page One about the $13.2 million sale of a penthouse condo at the Mandarin Oriental incorrectly characterized Henry Rosen’s role. Rosen is the attorney for the buyer, whose identity has not been disclosed.

We reached out to Rosen to see if he had anything he’d like to say about the transaction. He did not respond to our request for comment.

In fairness to the Globe, it’s worth noting that Rosen also declined to comment for the original story. Had he commented, perhaps the error would have been avoided.

But, on the other hand, this is presumably just what Rosen’s privacy-conscious client wanted. Let the lawyer hold the limelight, so the client can escape public scrutiny. Wealthy individuals and celebrities purchase luxury real estate through trusts and other entities for a reason.

In any event, we regret the error. If you have information about who the true buyer of the Mandarin Oriental penthouse is, please feel free to share.

For the record [Boston Globe]

Earlier: Lawyerly Lairs: A Wicked Awesome, $13 Million Penthouse Condo

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Lawyerly Lairs: A Wicked Awesome, $13 Million Penthouse Condo

The Mandarin Oriental in Boston.

It’s time for a new installment of Lawyerly Lairs, Above the Law’s behind-the-scenes look at luxurious lawyer residences. As we close out the week that started off with the Fourth of July, it’s fitting that we turn our attention to Boston, the city some call “The Cradle of Liberty.”

Ain’t freedom grand? One Boston attorney has enough free cash flow to buy the most expensive condominium ever sold in Boston — the very best penthouse at the Mandarin Oriental Residences, on tony Boylston Street.

Let’s find out who this lawyer is, where he works — and, of course, what $13.2 million buys you in Beantown….

Here is what the Boston Globe has to say about the recent transaction:

The prime penthouse at the Mandarin Oriental has again set a record for the most expensive condo sold in Boston, though the $13.2 million price was little more than what the sellers paid for it three years ago. And still it’s never been lived in.

The 6,829-square-foot unit, which has sweeping views of the city and more balcony and deck areas than most homes have living space, sold last month for only $100,000 more than what the seller bought it for in 2008 when the Mandarin had just opened.

Considering what has happened to the residential real estate market over the past few years, namely, double-digit percentage declines in prices for many major metropolitan areas, standing still isn’t bad.

Wilbur Development LLC bought the penthouse three years ago for about $13.1 million as an investment, after a previous buyer, a Florida real estate developer, backed out of buying it for $14 million. That buyer said the unit had too little sunlight. Wilbur first listed the property for $16.9 million in October 2008.

A price tag of $13 million sounds steep — and grows steeper when you consider this fact about the apartment:

Right now it doesn’t have a stick of furniture in it. In real estate parlance, it is “raw’’ space, empty and unfinished, as Wilbur Development bought it as an investment and never moved in.

The new owner intends to be one of the first to live there, according to [real estate agent Tracy] Campion.

And who is the lucky lawyer who will get to spend another seven-figure sum finishing and then furnishing this 7,000-square-foot space?

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