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PABU: Chef Michael Mina Brings Boston a Restaurant for the New Millennium

Photo courtesy of Millennium Partners.

Chef Michael Mina (left) and Sushi Chef Ken Tominaga (right) have Boston buzzing about PABU.  Photo courtesy of Millennium Partners.

 

As the Millennium Tower inches closer to completion with each passing day, more details are beginning to emerge about the businesses set to move in once the building opens next summer and a recent announcement has the Boston restaurant scene buzzing. Millennium Partners, the New York-based developers of the tower, are teaming up with celebrity chef Michael Mina and sushi chef Ken Tominaga to bring an exciting new dining concept to the city. Set to open Fall 2016, PABU is a Japanese-style izakaya that will operate on the first two stories of the Millennium Tower and promises to offer a unique dining experience to Boston foodies.

In Japan, izakayas are typically known as casual, after-work drinking establishments where food is served to accompany the drinks. Encouraging a social atmosphere, a typical izakaya menu is comprised of small plates meant to be shared and ordered continuously throughout the meal. Essentially, izakaya is the Japanese version of Spanish tapas.

Spanning 7,800 square feet, PABU will feature compartmentalized dining spaces, as well as communal tables where patrons may sip sake and socialize. The concept has been very well-received in San Francisco, where PABU consistently ranks among the city’s top restaurants and Mina believes that success will translate nicely to Boston. Like its sister restaurant, PABU (“pub” in Japanese) won’t be limited to small plates as the concept allows for guests to customize their own experiences. Mina also plans to serve a 16-course chef’s tasting menu that will highlight the freshest ingredients available on any given day, with a heavy focus on seafood, which will come from New England’s own waters, as well as the world’s largest fish market—Tokyo’s Tsukiji Market.

Mina is no stranger to working with Millennium Partners; in 2009, the acclaimed chef’s RN74 opened in San Francisco’s Millennium Tower, where he is also a resident. In addition to operating PABU, Mina will also spearhead the residents-only private dining options on the Millennium Tower’s 23,000 square foot Club Level. In addition to the dishes offered at PABU, Mina plans to create an exclusive menu featuring some of the “greatest hits” from his restaurant empire, which currently spans 21 different locations around the world.

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Rental Markets Expected To Increase in Price and Demand

Graph from the Boston Globe

As time has worn on and the recession has stuck (for now, at least), the rental market has been flooded with potential renters but not much more in rental availability says the Boston Globe. Just as new renters are starting to look for a new place to call home, many experts are concerned that the increase in rent rates will be too much for lower-income families and young adults just starting on their own.

A few commentators acknowledged that this had to do with Boston’s appeal as a place for learning and a relatively steady job market as compared to the national rate. However, this poses still more challenges for those looking for apartments. Since 2005, the average rent has soared 12.5% in the Metro Boston area. To combat the shortage, developers are breaking ground on almost 2,000 apartments, many of which have been deemed affordable.

The tip for renters is to start looking as early as possible. Many apartments are due to start appearing on the market by the end of February, with many more from the surrounding neighborhoods like Brookline and Allston in April or May.

If you’re concerned about whether you should own or rent your home, please contact us. Our expert team will help make the right decision for you and your family.

Read the rest of the Globe article here.

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Inman’s 2011 Innovator Awards

During the Real Estate Connect Conference, Inman News announced Zillow CEO Spencer Rascoff  as the the 2011 Innovator of the Year.  This award accredits individuals who have furthered the Real Estate business by adding to the real estate transaction process, thereby improving the experience for both the consumer and the real estate professionals.  Rascoff’s background is heavy with experience in investment banking and the private equity industries, expertise that has served him well at Zillow.  Involved in Zillow from the very start in 2005, Rascoff has seen this website grow to become one of the most popular real estate websites with its new approaches to buying homes shown in their mobile applications and their “Zestimate” algorithm.

Other Inman awards include the Most Innovative Real Estate Website or Service given to eEdge, an agenting platform and also the Most Innovative New Technology prize, which was awarded to Down Payment Resource.

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Bushari Group Real Estate Acquires BostonRealEstate.com

Boston, MA, December 14, 2009Bushari Group Real Estate today announced its acquisition of the domain name BostonRealEstate.com for a purchase price of $215,000 from Brookline Homes and Estates, LLC. The domain was purchased by Web Marketing 2020, LLC, the exclusive website holding and design company for Bushari Group Real Estate. Other websites in the Bushari Group portfolio include Bushari.com, BostonianLofts.com and CambridgeLuxuryRealEstate.com.

“In the highly competitive Boston real estate marketplace, we continually strive to provide our clients with the best exposure. This purchase will have a long-term positive effect both for our clients and our company as it is a compelling acquisition from both a strategic and financial standpoint,” says Elad Bushari, founder and owner of Bushari Group Real Estate and Web Marketing 2020, LLC.

Bushari Group Real Estate will completely reconstruct the current website on BostonRealEstate.com to better service its existing and future clients. The new website will have Web 2.0 search capabilities, videos and blog posts.  The website launch is planned for the first quarter of 2010.

“At Bushari Group Real Estate we are extremely excited to offer our clients next-generation web technology. Our tailored and targeted approach to internet marketing provides our sellers with optimal global exposure, and our buyers with premier viewing capabilities and market insight.”

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Nationwide Pending Home Sales Highest in 3-1/2 Years

Pending home sales have spiked nationwide. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in October, rose 3.7 percent over the previous month. The index has risen nine consecutive months, indicating the longest streak of gains since 2001. In fact, the Pending Home Sales Index surged a record 31.8 percent in October of 2009 from the same period in 2008.

A lot of people, especially new broadcasters, seem to be flaunting this news as a sign we are out of the recession and that the real estate market is predictably following recent stock market gains. Well, let’s look a little closer at the circumstances. Lehman Brothers filed for Chapter 11 bankruptcy on September 15th of last year. Utter shock and fear, not to mention huge portfolio losses, put prospective homebuyers on the sidelines and brought the real estate market to a screeching halt.The news rocked the real estate market to its core, so it is not a surprise that pending sales were extremely low in October 2008. Also, the original deadline for the first-time homebuyers’ tax credit was November 30, 2009. With an extension up in the air, first-time homebuyer flooded the market in September and October, trying to take advantage of the government benefit. The tax credit has since been expanded and extended, but I would expect another surge as we approach next year’s deadline. The above circumstances taken into account, I would be wary to conclude that we are out of the bushes.