Old City Buildings Gobbled Up Fast - PhillyBlog

chrissayer · #1 (**permalink**) 02-12-2005, 03:01 PM

the madness continues - the first floor of those buildings has never done well - although there probably is no reason for it not to. But, $2M in a week just seems excessive.

http://www.bizjournals.com/philadelp...wscolumn1.html

Quote:

Old City apartment complex gobbled up fast
Natalie Kostelni

An 11-unit apartment complex at 3rd and Race in Old City sold for $2.08 million after being on the market for just a week.

The quick sale and good price underscores the "attractiveness of anything having to do with units," said Ruth Lief Miller, a broker with Mallin Panchelli Nadel, who sold the property. "I showed it to two people."

The property at 160-162 and 164 N. 3rd St. and 302 Race St. was sold by a local private individual and bought by a Philadelphia partnership, 164 N. 3rd Partnership. The seller bought the old industrial site in 1975 and "had the vision to make lofts out of this building," Miller said. Each unit is about 1,000 square feet. The new owner will keep it as a rental property.

In another Old City deal, Yaron Properties sold 209 N. 3rd St. for $1.67 million to Rocco Management. The property consists of seven apartments.The sale price equates to more than $200,000 per unit. "Properties in Old City are increasingly coveted by investors for the upside potential of converting them to fee-owned condominiums, said Marcus & Millichap, arranger of the deal.

SPM · #2 (**permalink**) 02-17-2005, 10:08 PM

Chrissayer----what's happened to Old City forum? I check here every day to get updates form you and others, but it's been quiet for a while---what's up?

PS---$2m is good-----not excessive---these guys will have to really keep thier properties up, and not let them get run-down if they have a big stake in them!

chrissayer · #3 (**permalink**) 02-17-2005, 10:18 PM

Been busy - plus it's so much more fun bashing you conservative Rs over on the Nation forum. :oops:

I'll try to do better.

SPM · #4 (**permalink**) 02-26-2005, 06:48 PM

Excellent---BUT----what really is going on with some of the Old City developments? I see nothing happening at NW corner of 2 & Race, and 22 S Front (although I did see a rental truck in back of that little building today---wonder if it was moving stuff out???) , 257 North and others?

bluecuracao · #5 (**permalink**) 02-27-2005, 04:22 AM

As far as I know, I believe the building on Arch St. near Front is done and may have occupants already. Also, a building on Strawberry St., just south of Market, was recently purchased (I don't know for how much), and is being renovated for condos.

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