Written by Aglaia Pikounis and originally published in Banker & Tradesman 1/24/04- edited for space purposes
Sean McGrath's name could slowly become synonymous with luxury living in the Boston's Back Bay.
The man whose company is behind boutique luxury condominium projects such as 9 Arlington St.- home to Gov. Mitt Romney's former chief economic adviser and Barry Tatelman of Jordan's Furniture fame - McGrath is hoping to be a niche player in an arena that's filled with larger developers who are saturating the market with thousands of upscale units.
"I still believe there is a pent-up demand for quality units and quality projects in Boston, and I think the projects that we've tended to focus on are not the Millennium Place, not Atelier 505," said McGrath, referring to two large, well-known condo developments in Boston, "but small boutique-style, five-to-ten unit buildings that provide a little more privacy."
A resident of Weston, who grew up in nearby Newton, McGrath started MR Property Management 16 years ago. In its early years, the company primarily focused on acquiring and managing residential apartment properties. As the company's portfolio expanded to include commercial real estate, and as it started to develop its own residential projects, it was renamed The Stonegate Group.
In recent years, the company started acquiring buildings in Boston and redeveloping them into high-end condos. One such project is 9 Arlington St., which features six condo units and concierge services for the residents. Five of the units were sold within two years of completion, with the penthouse selling for an eye-popping $5.35 million last year.