A prominent Boston property developer, compelled by a court to sell his multi-million dollar penthouse amidst a bitter divorce, is finding no takers for the luxury home, highlighting a profound slowdown in the city's once-booming ultraluxury condo market.
A Court-Ordered Sale Meets a Cooling Market
Jon Cronin, a developer behind the prestigious St Regis Residences in Boston's Seaport District, is under pressure to sell his personal penthouse suite. He purchased the unit for $23.5 million in 2024, but a recent court order related to his acrimonious divorce from his wife, Nicole Cronin, mandates its sale. The property is now listed for $49.5 million, a price that would set a city record if achieved.
However, after six months on the market, the penthouse remains unsold. Cronin's predicament is not unique; it reflects a broader stagnation affecting Boston's high-end property sector, where several developers who bet big on continuous growth are now struggling to offload inventory.
From Boom to Bust: Boston's Luxury Dream Falters
Boston was once seen as a rising rival to New York and Miami for luxury real estate. During a boom period, lavish new buildings with amenities like pools and spas saw units snapped up, with prices reaching record highs. Between 2019 and 2025, around 2,500 new luxury units were added to the market, according to data. The price per square foot soared from about $1,300 a decade ago to roughly $2,200 now.
"It seemed like there was insatiable demand," Sue Hawkes, managing director of the Collaborative Companies, told the Wall Street Journal. "Several developers had a vision that the depth of the market was higher than it is."
The pandemic dramatically reversed this trend, prompting an exodus from city centres. This collapse left developers and landlords holding expensive properties with a shrinking pool of buyers. Sales above $3 million in Boston dropped 35 percent in the second quarter of this year alone.
High-Profile Projects Feel the Squeeze
The St Regis, which opened in 2022 after construction delays and legal challenges, exemplifies the struggle. Of its 114 units, 47 remain unsold. Cronin has resisted discounting non-waterfront units, and the building even auctioned 10 units, with five bought by billionaire George Haseotes.
Other landmark developments face similar pressures. At One Dalton, the city's tallest residential building, CEO Michael Dell sold his penthouse in August for less than the $34 million he paid in 2017. Developer Richard Friedman of Carpenter & Company, who helped create One Dalton, stated bluntly: "I wouldn’t want to start a new project of our size in luxury in Boston today."
Similarly, the Millennium Tower, which set records earlier, has also seen its high-profile penthouse sold by billionaire John Grayken. The market slowdown has forced many to offer discounts and incentives, though some developers refuse to cut prices on their best units.
Cronin attributes the challenges to extraordinary disruptions. "The project didn’t miss the market so much as it ran into a once-in-a-generation set of disruptions," he said. With factors like economic uncertainty and previous construction delays impacting timing, experts like Sue Hawkes estimate it could take at least 18 months to sell every Boston unit priced above $10 million.
