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Luxury rises to top 
at penthouse condo

Written By Unknown on Sabtu, 04 Mei 2013 | 12.32

Plagued by slow sales upon its completion in 2009, 45 Province St. is benefiting from the hot real estate market and is now building out some spectacular penthouse condos with fantastic views of downtown, the harbor, Back Bay and Cambridge.

While it was a big risk to build a high-end 137-unit condo building in an untested midtown location just off Downtown Crossing, the quick sales at nearby Millennium Place and the resuscitation of the Millennium Tower project on the site of the former Filene's have really given 45 Province a boost. Last year, 41 of the condos in the building were sold, and in the past few months, several units priced from $3.5 million to $4 million have found buyers. There are only 25 units left for sale in the building, from a 1,300-square-foot loft for $975,000 to a 2,741-square-foot, three-bedroom-plus penthouse on the 31st floor that's under construction and will be listed for $4.5 million.

We took a look at a recently built-out duplex penthouse condo, Unit 2404, a three-bedroom-plus unit with its own 500-square-foot outdoor roof deck that arguably has the most spectacular residential views along the Back Bay and Cambridge sides of the Charles River. This 3,319-square-foot condo, with custom Italian kitchen cabinetry, bamboo floors throughout and high-end porcelain tile bathrooms, is on the market for $4.39 million.

A big selling point of 
45 Province, besides its downtown location, is that there are dozens of different floor plans because the building gets slimmer as it rises.

There's a large lobby tended by a 24/7 concierge.

Although the condo fees are high, they include two valet garage parking spaces, heating and central cooling and use of the building's 12th floor rooftop heated pool, a fitness and spa facility, a clubroom with a kitchen and a large movie theater room with a projection-screen TV.

Unit 2404 is on the 24th and 25th floors atop a setback that rises seven more slimmer stories. It sits at the end of a carpeted hallway with recessed doorways.

Off the foyer and adjacent to a half bathroom is the unit's signature space: a two-story open dining room with downtown views through a 20-foot high wall of glass plus a private balcony.

The adjacent custom kitchen features Italian-made walnut cabinets with frosted-glass cabinets above gray onyx counters. There's a separate onyx-topped island with a Miele five-burner gas stove, a built-in wine cooler and a fluted Zephyr hood above. There's also a stainless-steel Miele wall and convection oven and dishwasher and a large Sub- Zero refrigerator.

The living room has great city and harbor views from two walls of windows.

The condo's large master bedroom suite is at the rear of the 24th floor with spectacular views down the Charles River from a wall of windows. It features a large walk-in closet and an en-suite bathroom with porcelain tile floors with nickel insets. There's a crushed white glass double-sink vanity with Waterworks nickel fixtures. There's also a porcelain-tiled walk-in shower.

A glass-walled bamboo staircase leads up to a large open space on the 25th floor that can be used as a family room or home office and overlooks the dining area. It has glass doors leading out to a 500-square-foot private roof deck. The deck has jaw-dropping views down both sides of the Charles River.

There are also two smaller guest bedrooms, one with a private balcony, but both have en-suite porcelain tile bathrooms with Waterworks nickel fixtures. One bathroom has a porcelain walk-in shower, the other a whirlpool tub.

Broker: C. Wayne Lopez at 45 Province St. sales center at 617-742-0942.


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Economic CUV practical but fun

When the all-new 2013 Subaru Crosstrek rolled up, I looked forward to kicking its tires and thought this could be a nifty replacement for the Outback Sport.

It's better.

I found the new Crosstrek to be an easy- and fun-to-drive CUV that got fantastic gas mileage, nearly 30 mpg on average, yet still had a feisty temperament that didn't mind some rough and tumble driving.

The car at its core is an Impreza hatchback sharing the 148-horsepower, 2.0-liter Boxer engine and CVT transmission, but it's hardier.

The wider, taller body provides a spacious five-passenger cabin, and with the rear seats down, a large cargo area, and the beefed-up suspension is up to the task of absorbing in-town rumble and light off-roading.

The engine is torquey and responds well under acceleration although the CVT gearing could be re-engineered to maintain more power through the middle gears. Like the Impreza it gets whiny in the those gears, losing some of the torque, but once at highway speed the car was very confident and happily flows with traffic. The all-wheel-drive steering is nimble and the Crosstrek refreshingly darts through traffic and around corners as the power is meted out to the wheels as needed.

The reinforced framework is more substantial than the Impreza and it's outfitted with oversized brakes. Riding almost nine inches off the ground on 17-inch blacked-out alloy wheels with flared fenders, the Crosstrek strikes a bit of a macho profile. In fact, if you squint, it resembles the last-generation Outback. The driver sits very tall in the cockpit and hopping in and out is quite easy.

The interior is simply appointed, but well-constructed. The fit and finish are polished and the ride is comfortable and fairly quiet. Conversations on the Bluetooth-connected phone are clear and not drowned out by road noise. Subaru has updated the infotainment center, but it may be the weakest element of the cabin. It's quite small and the dark screen is a strain to see.

The XV Premium trim, one of two available, starts at $22,995 and comes well-equipped with Bluetooth, power options, heated seats and mirrors and tinted glass. We had the $2,000 Navigation and Moonroof package added on for a total of $25,790. The base Limited starts at $25,000 and adds leather, an upgraded Bose stereo and the Navigation and Moonroof package are standard. As with all Subarus, there's an endless list of options to dress your car up so although you can get a nicely appointed one for a competitive price, it can add up quickly with adornments. Unless you really want leather seats, stick with the tester combination for the best sticker value.

Weigh this against the Mini Cooper Countryman, Mazda 5, Nissan Juke and I think you'll find the Crosstrek to be a great value and a very intriguing CUV.


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The Ticker

Written By Unknown on Jumat, 03 Mei 2013 | 12.32

FDA panel rejects Aveo's cancer drug application

Aveo Pharmaceuticals shares tanked yesterday after the Cambridge-based biotechnology company said a U.S. Food and Drug Administration panel voted the former's application for its cancer drug tivozanib did not demonstrate a favorable benefit-to-risk evaluation for treating advanced renal cell carcinoma in a trial.

The FDA's review of the drug application is expected to be complete by July 28.

Hamilton Co. buys Boston block

The Hamilton Co. has acquired a 134-unit Boston apartment complex amid the Northeastern University campus for $52 million. Purchased from Boston Land Development, the property at 650 Columbus Ave. encompasses an entire block in Roxbury and also includes 33 condos and a 141-car garage.

Liberty Mutual earnings fall

Liberty Mutual Insurance's first-quarter earnings fell nearly 31 percent, due largely to a $130 million loss tied to Venezuela's recent devaluation of its currency. The company's net income fell by $141 million to $318 million for the three months that ended March 31.

Revenue climbed 3 percent to $9.14 billion from $8.88 billion in the same period of 2012.

Two Hub office buildings sold

TIAA-CREF has agreed to purchase 40 Broad St. for $105 million, and Deutsche Asset & Wealth Management topped rival bidders with its $21.4 million offer for 45 Milk St. Chicago-based Pearlmark Real Estate bought the 11-story, 290,000-square-foot Broad Street building for nearly $50 million in 2006. Anglo Irish Bank is the seller of the mostly vacant nine-story, 69,000-square-foot Milk Street building.

Billionaire joins Twittersphere

Berkshire Hathaway CEO Warren Buffett unveiled his own Twitter handle, @WarrenBuffett, during a speech yesterday. The 82-year-old's first tweet said simply, "Warren is in the house." By the end of the day, the billionaire had amassed followers in the tens of thousands.

TODAY

 The U.S. jobs report for April is released.

 David P. Bergers, left, acting deputy director of the Securities and Exchange Commission's Enforcement Division and director of the Boston Regional Office, is leaving the agency after 13 years of federal service. John T. Dugan will become the acting director of the Boston office.

 Aegerion Pharmaceuticals Inc. of Cambridge has appointed Anne M. VanLent to its board of directors. VanLent, who is currently the president of advisory firm AMV Advisors, will serve as chairwoman of the audit committee.


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Price cuts are rare but out there

Home price reductions — get them while you still can!

The number of condos and single-family homes in the Bay State with price changes during the past month was 847, down 83 percent from the 4,975 properties with price reductions during the same period last year.

Here are a few Massachusetts properties that have seen recent price cuts.

On 87 Federal St. in Salem is a historic Colonial known as the Albert Goodhue House. Built in 1893, the home "is a fine example of Colonial Revival style, combining elements from Georgian Colonial and Federal vernaculars," said listing agent Kathleen Sullivan of RE/MAX Advantage Real Estate. Currently, the house — listed for $800,000, down from $925,000 — is a three-family with a magnificent two-level owner's unit and two rental units. The building has a number of historic details such as corner quoins, end Palladian windows, cornice dentil molding, round-arched dormers, an end bay window and five fireplaces.

Originally listed for $829,000, Unit 1 at 191 Beacon St. in Back Bay has been reduced to $799,000. The 1,219-square-foot, two-bedroom home with two full bathrooms comes with its own private patio. There are maple hardwood floors throughout and the living room has a tray ceiling with crown molding. The unit is leased for $4,200 until the end of May 2014 and is listed with The Charlesgate Realty Group.

On Beacon Hill at 58 Myrtle St., Unit 5 was originally listed for $699,000 and has recently been reduced to $675,000. This two-bedroom, one-bath penthouse condo is at the "top of the hill" and features windows on three sides. The 1,040-square-foot, floor-through home has an open eat-in kitchen with exposed brick and stainless steel appliances. There is a common roof deck with city views, one flight up. The property has been on the market about one month and is listed with Maureen O'Hara of Coldwell Banker Residential.

Listed in November with Andrea McDonough of Bushari Group Real Estate for $675,000, the single-family home at 565 Winter St. in Framingham has been reduced to $640,000. The three-bedroom, three-and-a-half bath contemporary home has water views of the Stearns Reservoir off the large deck. The home features an open loft-style layout with an open kitchen, living and dining area. There is an oversized stone fireplace that can be seen from all rooms as well as a mezzanine loft surrounded by large windows with three exposures.

At 368 Dorchester St. in South Boston, Unit 1 came on the market a month ago at $579,000 and has been reduced to $539,000. The two-bedroom condo on two levels offers over 1,300 square feet of living space as well as garage parking for one car. The home features two spacious bedrooms and a large kitchen equipped to professional grade standards. The lower level boasts a living area outfitted with a gas fireplace and surround sound. The home is listed with Melinda Sarkis of Hammond Residential.

Jennifer Athas is a licensed real estate broker. Follow her on Twitter @JenAthas.


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Broke battery maker powers up incubator

Written By Unknown on Kamis, 02 Mei 2013 | 12.32

A few months after selling its bankrupt business to a Chinese company, Waltham battery maker A123 Systems LLC is starting an incubator to help startups refine and more quickly commercialize their energy storage technologies.

New division A123 Venture Technologies is offering startups its research and development expertise, lab space and funding.

But at least one expert reached by the Herald yesterday was skeptical.

Litchfield Hills Research analyst Theodore O'Neill said the incubator "looks like bait to try to lure in a new technology that would incorporate A123's batteries and doesn't require A123 to figure it out."

"There is some technology that they've got that is useful if you're trying to generate energy really fast," he said. "This doesn't look like a bad idea at all, but it's all but saying that A123 can't figure out what it is that will make money."

The company said it sees some real advantages to establishing the incubator.

"We have a market around ... batteries and automotive, but a lot of what's going to come is high-energy technologies for electric vehicles," said Mujeeb Ijaz, chief technology officer of A123 Systems, now owned by Wanxiang Group. "We need to prepare for that. We thought the best the way to leverage the assets that we built ... is to open the lab to developers."

Earlier this year, A123 Systems Inc., which focused on batteries and battery systems for electric vehicles and received millions of dollars in state and federal taxpayer money, won government approval for the $257 million sale of most of its assets to the Chinese auto parts conglomerate. A123 had filed for bankruptcy protection last fall after being dragged down by manufacturing and safety issues, and insufficient orders.

"I don't think our company going bankrupt is a sign that we don't know how to commercialize technology. The market wasn't ready for global commercialization at the time when we were ready, and we had no other business to rely on to fund our balance sheet," Ijaz said.


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DreamWorks buying AwesomenessTV for about $33M

GLENDALE, Calif. — DreamWorks Animation SKG Inc. is buying AwesomenessTV, a YouTube teen network, for about $33 million in cash as it looks to tap into the popularity of online content.

DreamWorks said Wednesday that AwesomenessTV founder and CEO Brian Robbins will continue to direct growth at that company while also developing a DreamWorks branded digital family channel.

The deal includes the possibility of additional cash payments of up to $117 million if certain earnings targets are reached in 2014 and 2015.

The deal is expected to close this month.

AwesomenessTV features talk shows, scripted and reality programs and sketch comedy. The company has released a movie with AMC Theaters and expects to have a television show on Nickelodeon.

Its network of more than 57,000 YouTube channels has 14.4 million subscribers. The more than 1 million videos on the network have been seen 809 million times.

"We want to let Brian do what Brian's been doing," DreamWorks CEO Jeffery Katzenberg said Wednesday night at a YouTube presentation to advertisers in New York. "We also have talked about what we think are going to be some additional great collaborations with Brian on YouTube and ways in which the DreamWorks brand can serve as a valuable, defining brand for him."

Benjamin Mogil, an analyst with investment bank Stifel, Nicolaus & Co., said in a research note that the purchase was "strategically prudent" and likely ends the possibility that DreamWorks will buy a pay TV channel as an outlet for the animated content from its franchises such as "Kung Fu Panda" and "Madagascar." He said the acquisition will likely hurt DreamWorks' earnings per share in the short term.

Rachel Egan, a spokeswoman for ad-buying network TubeMogul, said the purchase "seems like a broad recognition by DreamWorks that their younger audience — like the rest of us — are increasingly streaming content online, on mobile devices and in social media."

The announcement came a day after DreamWorks announced quarterly earnings that beat analysts' expectations on both revenue and profit, although both showed a decline.

Shares of DreamWorks, which is based in Glendale, Calif., were up $1.44, or 7.5 percent, to $20.72 in late trading Wednesday.


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The Ticker

Written By Unknown on Rabu, 01 Mei 2013 | 12.32

Dreamliner to take off

Japan Airlines will resume daily Boston-to-Tokyo service on the Boeing 787 Dreamliner aircraft on June 1. The embattled aircraft returns to the skies after the U.S. Federal Aviation Administration approved Boeing's lithium ion battery improvements.

A battery fire grounded Dreamliner flights at Logan International Airport in January.

Downtown Walgreens opens up

City officials, including Boston Redevelopment Authority boss Peter Meade, front, tour Walgreens, which is opening in Downtown Crossing at the former Borders bookstore location. More than just a drugstore, the new Walgreens fills prescriptions, but also has a manicurist on staff and sells a wide range of foods, including sushi.

Software co. shares sink

Burlington-based Nuance Communications shares dropped 18 percent yesterday after the voice recognition software maker reported second quarter net income of $110 million compared to nearly 
$139 million in the same period last year. The company also announced a $500 million share buyback plan.

AVEO cancer drug questioned

AVEO Pharmaceuticals shares fell a whopping 31 percent yesterday after U.S. Food and Drug Administration staff reviewers asked a panel of outside medical experts if an experimental kidney cancer drug needed another clinical trial before it's approved.

TODAY

  • Mayor Thomas M. Menino will be the keynote speaker at the Boston College Citizen Seminar luncheon, presented by the Chief Executives' Club of Boston, at the Boston Harbor Hotel.
  • Facebook and Cabot Corp. report quarterly financial results.

TOMORROW

  • The U.S. Labor Department releases first-quarter productivity data.
  • Network Health of Medford has appointed Jeffrey Hulburt as chief operating officer, in addition to his prior role of vice president and chief financial officer. The company has also appointed Deborah Gordon as chief external affairs officer, in addition to her prior role of vice president and chief marketing officer.

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Newsstand tab to make Orleans paper daily again

NEW ORLEANS — Months after cutting its print edition to three days a week, The Times-Picayune of New Orleans on Tuesday announced plans for a three-day-a-week tabloid called TPStreet available in stores and newsstands on days when the full paper isn't printed.

On the same day as The Times-Picayune's announcement, its rival The Advocate reported on its website that New Orleans businessman John Georges has completed his purchase of the Baton Rouge-based newspaper and named two former top Times-Picayune news executives to lead it.

Georges said he will serve as publisher and named former Times-Picayune managing editor Dan Shea as general manager and another former Times-Picayune managing editor, Peter Kovacs, as editor. The Advocate's announcement said current editor Carl Redman would remain in the position of senior editor.

The Times-Picayune's announcement came on its website, nola.com. Editor Jim Amoss said the 75-cent tabloid will be published Mondays, Tuesdays and Thursdays beginning this summer and that the publication won't be available via home delivery.

Home subscribers will be able to get an electronic replica of TPStreet on the days it is published, in addition to an electronic version of the full Times-Picayune editions published Wednesdays, Fridays and Sundays (including an early Sunday edition published Saturday afternoons.)

"It will allow our readers every day to zoom in on content as they browse through the e-edition's pages on their laptops, tablets and desktop computers," Amoss wrote.

In June of last year, The Times-Picayune's owner, privately held Advance Publications Inc., and a new subsidiary, Nola Media Group, announced the paper would lay off 200 employees and shift its focus to the free nola.com site. Advance has pursued similar three-times-a-week strategies with several other newspapers in the chain.

The decision met with harsh protests in tradition-bound New Orleans, where readers had a tight bond with the 175-year-old Pulitzer-winning paper, especially after Hurricane Katrina devastated the city in 2005.

Georges acquired The Advocate from the Manship family, which has owned the seven-day daily since 1909. The Advocate's announcement said the closing capped two years of negotiations.

Terms of the sale were not disclosed. The deal does not include WBRZ-TV, which will continue to be opened by the Manships.

The Advocate expanded its coverage of news in the New Orleans area in 2012, opening a New Orleans bureau and marketing itself as the city's only daily newspaper after The Times-Picayune cut back to three days of publication a week. Officials of The Advocate say about 20 percent of its daily circulation of 98,000 copies and Sunday circulation of about 125,000 comes from the New Orleans area


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Galaxy’s mostly a star

Written By Unknown on Senin, 29 April 2013 | 12.32

Remember when there were rumors swirling that Samsung's next Galaxy smartphone would include eye tracking? And then Samsung held a big event and announced the new Galaxy S4 would identify facial expressions and scroll down automatically — and pause videos when users look away?

All this super-exciting stuff? Does. Not. Work.

Samsung made a big deal out of features that no one asked for and then botched them in the end.

It's a shame because the Samsung Galaxy S4 is an otherwise nice Android offering.

The unit I tested is from AT&T, which is selling the S4 at $199 with a two-year contract.

The 5-inch 1080p resolution screen is gorgeous.

The quad-core processor exudes power, and AT&T's LTE was a joy to use.

But compared to the HTC One and the iPhone 5, the Galaxy S4 can feel insubstantial.

The body is made of plastic, which doesn't inspire a ton of confidence.

The 13-megapixel camera gets the job done, but it still falls short of the picture quality and color saturation delivered by the iPhone 5.

Yet in every other way that counts, this and other new Android smartphones are increasingly making the iPhone look static and antiquated.

Still, anyone interested in this phone should disable those gimmicky features that don't work, which is easily done. Smart rotation is supposed to adjust to your angle of sight. But it only worked about half the time for me. The screen would either adjust in a way I didn't want or do nothing at all.

A smart pause feature is supposed to detect when you are facing away from the screen. That also worked about half the time. Videos you're watching will end up pausing randomly unless you disable this feature.

Smart scrolling was the worst of the gimmicks because for me, it just plain never worked. A few times a page I was reading would scroll downward before I was ready, but that was the closest I came to this function.

It boggles the mind that Samsung would enable features that are clearly in beta without labeling them as such.

As Apple has shown, it's not as important to be first with a feature as it is to have it work better than anyone else.


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Hub IT startup beefing up work force

A Hub-based IT startup said it will use a recent seven-figure investment to increase its sales and delivery teams while also creating tools designed to "augment" the capabilities of ServiceNow's software-as-a-service platform.

Acorio, which launched six months ago, plans to expand its employee headcount to 100 people nationally over the next 18 months, President and CEO Jim Lampert told the Herald.

ServiceNow, an enterprise IT cloud company based in San Diego, was the first technology company taken public by Morgan Stanley after Facebook.

"We're very honored to have the partnership we have with ServiceNow," said Lampert, 48, an EMC veteran. "We want to be able to apply services and, in some cases, unique technologies to make that platform even better."

Lampert added Acorio's proprietary POWERBooster tools are designed to help Fortune 2000 clients implement and integrate ServiceNow's platform faster and more efficiently into their own enterprises or connect the same platform with a human resources SaaS platform like Workday.

"One of the big challenges right now organizations have is they have a lot of disparate cloud platforms within enterprises," Lampert said. "If we can help our clients connect (ServiceNow's) platform to some of their other cloud platforms to help the overall enterprise become more efficient, more agile and more automated, there's a significant value there."

The company secured its first round of funding from Momentum Equity Partners, whose chairman, Frank Selldorff, founded the startup.


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