PORTSMOUTH – Largely vacant eight years after its construction, The Carnegie Tower has a new sales team in Compass Development. The Boston office for the New York-based real estate brokerage will market the 64 unoccupied units at the tower, located on the grounds of the Carnegie Abbey Club.
The 220-foot tower is the largest structure in Portsmouth. The available units range from 1-bedrooms to the penthouse unit, which occupies the 22nd floor. The available units represent about 80 percent of the building.
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The condominium list prices have been significantly reduced from the amount initially set in 2009, when the tower was completed by developer O’Neill Properties Group. The economic recession soon descended, leading to a crash in the housing market.
Eight years later, the vacant units are priced starting in the mid-$300s and generally occupy the range of $500,000 to $1 million, depending on the size of the unit and the floor, according to Kevin Caulfield, managing director for Compass Properties, the Boston-based division of Compass Development.
The penthouse unit is a 7,000 square-foot space that includes six bedrooms and multiple balconies. Priced at nearly $4 million, it was originally listed at $15 million, Caulfield said.
Compass has established a sales office at the tower and will show units by appointment.
The team was hired by Ullico Insurance Co., which owns the 64 units.
“We came in with a fresh perspective on the tower,” Caulfield said. “We feel it is a very marketable product. The majority of the units within the tower have great views of the bay. You have water views. You have golf course views, great amenities.”
Although located on the property of Carnegie Abbey Club, a premier golf club and resort, membership to that is not included in the unit price.
The tower does have a pool and fitness center. Its common areas were recently updated, as was the façade of the building and its fitness center. A lobby renovation is underway.
The condos are being marketed nationally to buyers who include people down-sizing, emptynesters and seasonal residents.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com. Follow her on Twitter @MaryF_MacDonald.
