Nantucket Current | Boston Developer Buys Historic Downtown Nantucket…

A Boston real estate development and investment firm dropped $10 million last week to acquire three contiguous properties in downtown Nantucket that include a pair of historic former guesthouses.

Core Investments, located on Boylston Street in Boston, is the new owner of 15 and 17 North Water Street, along with 8 Sea Street. Together, the three properties total .4 acres.

The property at 17 North Water Street includes the former Easton House guesthouse that was built in 1812. Next door at the 15 North Water Street lot is the former Hussey House lodging establishment, which was constructed in 1795.

The three properties had been listed and marketed for sale together with an asking price of $11.9 million.

Core Investments specializes in acquiring and redeveloping urban mixed-use and commercial buildings, according to its website, and is currently developing a new 57,000-square-foot storage facility on Nantucket at 10 and 12 Davkim Lane in the Richmond Great Point development.

David Pogorelc, the CEO and founder of Core Investments, told the Current his company’s plans for the downtown properties are not yet clear.

“No plans at the moment – we just closed,” Pogorelc said. “We’re cleaning up the properties now, doing light repairs. They were inns for a long time so we’re just emptying them out and cleaning it up. I don’t have a plan yet, and we’re analyzing different things to do there. We haven’t solidified anything.”

According to the Maury People Sotheby’s International Realty listing, “the collection of properties is comprised of two, well-preserved antique dwellings previously run as lodging/guest houses. The Easton House located at 17 N Water Street was run as a 10-room inn and the Hussey House located at 15 N Water Street was run as a 5-room inn. A third parcel located at 8 Sea Street has a 1950s cottage and a garage with an accessory apartment. An abundance of opportunities awaits a new owner.”