Record Sale for Loft Unit in Downtown Providence

Categories: Business NewsNewsReal Estate & Properties

The interior of a record-setting loft unit in Providence, highlighting its modern amenities and historical architecture.

News Summary

A condominium unit in downtown Providence has achieved a historic sale price of $1.62 million, marking the highest price for a loft in the city. This transaction not only sets a record for the city but also ranks as the third-highest sale in Providence County. The 3,100-square-foot unit features luxurious amenities and modern finishes while maintaining its historical charm, reflecting the growing interest in Providence’s real estate market.

Providence – A condominium unit in downtown Providence has set a new record by selling for $1.62 million, making it the highest price ever recorded for a loft unit in the city. The sale was confirmed by Residential Properties Ltd. using records from the Rhode Island Statewide Multiple Listing Service. This significant transaction marks not only a milestone for the market but also positions the condominium as the third-highest sale in Providence County as of 2025.

The condominium, known as Unit H, is located at 116 Chestnut St. and boasts a spacious 3,100-square-foot layout featuring two bedrooms and two full bathrooms. Situated in a charming five-story brick building constructed in 1887, the unit highlights its historical significance while offering modern amenities.

The architectural design of the condo is particularly noteworthy, with impressive 12-foot-high ceilings and expansive oversized windows that provide natural light from three sides of the building. This abundance of light contributes to the open and airy feel of the living space, which integrates the living and dining areas seamlessly into the kitchen.

High-end custom features abound throughout the unit. The kitchen showcases stone countertops, a center island, and custom cabinetry, complemented by a pantry area that enhances functionality. A dedicated sitting area contains an audiovisual entertainment center housed within custom cabinetry, ideal for relaxation and leisure.

In terms of amenities, the primary suite offers breathtaking views of downtown and includes a luxurious bathroom equipped with heated floors, adding a touch of comfort and elegance. The guest room is accessed through a distinct handcrafted steel door, seamlessly blending style with security. The adjoining guest bathroom features exquisite floor-to-ceiling slate tile, a stylish wooden vanity with a vessel sink, and a glass-enclosed shower, showcasing fine craftsmanship.

The selling couple, Scott and Kathryn McDonald, are Providence residents who decided to enter the market with their unique loft. The buyer, identified as John Ribbans, also hails from Providence. The transaction was facilitated by experienced real estate professionals; Jim DeRentis represented the sellers, while Derek Simpson acted on behalf of the buyer, guiding both parties through the sale process.

Before the sale, the condominium was assessed at $995,600 by Providence assessors for fiscal year 2024, illustrating the value appreciation witnessed in the local real estate market. The recent sale suggests growing interest and investment in Providence’s urban living spaces, particularly in historical buildings that offer modern conveniences while maintaining architectural charm.

This record-setting sale resonates not just as a personal success for the involved parties but also as an indicator of the current trends in the Providence real estate market. With prices on the rise, prospective buyers and sellers will be watching closely as the market continues to evolve in the coming months.

As housing options in downtown Providence remain in demand, this loft unit exemplifies the blend of luxury and historical luxury that has made Providence an attractive locale for urban dwellers and investors alike. The expectations for future sales may reflect this growing interest as the city develops and revitalizes, attracting new residents with its unique offerings.