Newbury Street Building Sells for $27 Million

The four-story building that houses a Banana Republic store was sold to New York investors for $26.7 million, the Boston Herald reported. 

The brick buildling, at 28 Newbury St., was bought from a trust in the name of Anastasios Parafestas that paid $2.1 million for it in 1996. The buyers are affiliated with the Century 21 Department Store chain in New York and tied to banker Joseph Safra, who lives in Brazil, the Herald reported. 

The building went up for sale two months ago and drew much interest. Banana Republic will continue to operate in the building as per its lease.