The Motor Mart Garage, a historic Art Deco parking facility located at the intersection of Bay Village and Back Bay in Boston, was recently sold for $89 million, reflecting a 45 percent reduction from its previous sale price. The transaction closed last week, involving a partnership between Related Beal, a Boston-based real estate development firm, and Freeport Equity, an investment company headquartered in Fort Lauderdale, Florida.

Built over a century ago, the Motor Mart Garage once held the distinction of being the world’s largest parking structure and currently offers 1,037 parking spaces. The property’s significant price drop is notable in a market where some real estate assets have started to depreciate, though few have seen a decline as steep as this transaction.

Kimberly Sherman Stamler, president of Related Beal, highlighted the site’s strategic location and development potential. She stated that Motor Mart “sits at the heart of a neighborhood we have been investing in for many years and holds great possibility for future residential and commercial development.”

The sale underscores broader trends in the real estate market, particularly in Boston, where various properties have recently changed hands at values below their prior purchase prices. The deal signals how market dynamics are influencing asset valuations, even for historically significant commercial structures.