Real Estate
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Set For Demolition, A Rittenhouse Square Property Has a Prospective Buyer
A Rittenhouse Square property set for demolition has a prospective buyer eyeing it, writes Paul Schwedelson for the Philadelphia Business Journal. The property located at 1812-14 Chestnut Street is owned by the Philadelphia Federation of Teachers, and is mostly vacant. A demolition permit was approved on April 12. “We have a buyer interested in the…
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Vert Properties Takes Next Step in Forming More Office, Coworking Space in Society Hill
In 2021, Vert Properties bought and renovated the former Nelson building in Society Hill for about $5.8 million. After leasing about half the property, the New Jersey-based firm expects it to be 80 percent occupied by the end of the year, writes Paul Schwedelson for the Philadelphia Business Journal. So far, 15 companies have taken…
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House of the Week: Beautiful Stone-Front Traditional in South Philadelphia West
A beautiful stone-front traditional home set on a lovely 4,554-square-foot lot with three bedrooms and two and a half bathrooms is available for sale in Girard Estates. This attractive residence perfectly blends historic charm with modern luxury. It is also conveniently nestled diagonally across from the lush greens of Stephen Girard Park in South Philadelphia…
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Former State Senator Vince Fumo’s Mansion Finds New Owners
After hitting the market for the sixth time, former State Senator Vince Fumo’s home near the Art Museum has finally found its new owners, writes Sandy Smith for Philadelphia Magazine. The estate sold for $2.6 million. The transaction was handled by John Bolaris, managing partner of Black Label Keller Williams Luxury at KW Empower, and…
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Brandywine Realty Trust to Leave Challenging Washington D.C. Market
Philadelphia-based Brandywine Realty Trust is planning on leaving the Washington D.C. market within the next few years, according to CEO Jerry Sweeney, writes Paul Schwedelson for the Philadelphia Business Journal. So Brandywine Realty Trust is currently looking to sell its entire 4.5 million-square-foot portfolio in the nearby market. The real estate company has “strategically made…
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House of the Week: Stunning $5.4M Brick-Exterior Traditional in Rittenhouse Square
A stunning classic brick-exterior traditional home with six bedrooms and four and a half bathrooms is available for sale in Rittenhouse Square. . . This lovely residence is the epitome of elegance. Built in the late 1800s, it has recently been meticulously renovated to preserve its historic charm while also bringing it into the contemporary…
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Jersey Shore Mansion Built by Former Owner of Downingtown Motor Inn on Market for $13.9M
A 15-bedroom, 16-and-a-half-bathroom Jersey Shore mansion built by late Philadelphia banker and hotelier Daniel Tabas, former owner of Downingtown Motor Inn, has hit the market for $13.9 million, writes Ryan Mulligan for the Philadelphia Business Journal. The 10,500-square-foot home sits on a 125-foot by 125-foot lot and features abundant outdoor terrace space, an elevated pool,…
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Temple University Acquires Shopping Center on North Broad Street for $8.2 Million
Temple University recently bought a North Broad Street shopping center near Temple’s health system campus for $8.2 million, writes Paul Schwedelson for the Philadelphia Business Journal. Temple paid the millions to Wynnewood-based Overbrook Investment Properties for the 45,290-square-foot retail strip. Aside from an 11,447-square-foot former Rite Aid store, the site is fully occupied. Temple’s health…
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House of the Week: Timeless Victorian in Germantown
A timeless Queen Anne Victorian home set on an attractive 0.58 acres with eight bedrooms and four and a half bathrooms is available for sale in Germantown. This extraordinary residence was built around 1887 for Joseph S. Perot and served as a home to Governor Martin Brumbaugh from 1912-1924. It is situated among many other…
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Kennedy-Kenrick High School Demolished to Make Room for New Homes
The former Kennedy-Kenrick Catholic High School in Norristown is being demolished to make way for a 325-unit multifamily residential complex, reports Rachel Ravina for The Times Herald. Developer Sarah Peck is leading the project, which will transform the 14.5-acre site located at 920 DeKalb Pike, 1910 Arch St., and 220 E. Johnson Highway. Bishop Kenrick…
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Head of Center City Residents Association Negotiates With Big Developers Who Have Their Eye on Neighborhood
Richard Gross, head of the Center City Residents Association, has been putting his career as a lawyer and public servant to good use by negotiating with big developers who have plans to build in the neighborhood, writes Jake Blumgart for The Philadelphia Inquirer. A resident of Philadelphia for 12 years, Gross is most likely the…
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House of the Week: Lovely Duplex in Cedar Park
A lovely duplex home that was fully renovated in 2016 with six bedrooms and three bathrooms is available for sale in Cedar Park. Located on a peaceful tree lined street, this lovely two-story brick building offers a perfect opportunity to live in one of the units and rent out the second one to get some…
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Delaware County and Philadelphia Saw Greatest Increase in Income Required to Buy House
According to a new Redfin analysis, the income needed to purchase a typical home in Philadelphia and Delaware counties went up by nearly six percent, the highest increase recorded among the 50 most populous metro areas in the United States, writes Michaelle Bond for The Philadelphia Inquirer. To be able to afford the $300,000 cost…
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Developer Proposes New 66-Unit Apartment and Retail Project in Mount Airy
Developer Mike Schutz has proposed a new five-story, 66-unit apartment building and retail space in Mount Airy, writes Ryan Mulligan for the Philadelphia Business Journal. The proposed development would include a mix of one- and two-bedroom apartments along with 4,000 square feet of commercial space on the ground floor. For the project to happen, it…
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Quakertown’s Sabrina Carpenter Buys Mediterranean-Style Home in Hollywood Hills
Quakertown native Sabrina Carpenter, the Disney actress-turned-pop star, bought a 1920s Mediterranean-style home in the Hollywood Hills for $4.4 million, writes James McClain for the Robb Report. Carpenter has been traveling the globe lately, as she opens for Taylor Swift on the singer’s record-breaking Eras tour. The home has been recently renovated by the House…
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House of the Week: Stunning Traditional in Spruce Hill
A stunning traditional home on a charming lot with four bedrooms and three and a half bathrooms is available for sale in Spruce Hill. This charming residence boasts a spacious and lush lawn and large private side porch, along with shade trees and beautiful perennial plantings. Reserved on-site parking for residents and guests is also…
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WSJ: More Millionaires in the U.S. Are Renting Homes Rather Than Buying in Cities Like Philadelphia
There has been a rise in the number of millionaires renting homes in the United States, which reflects how the calculus around homeownership has changed for even the wealthiest in the nation, write Gina Heeb and Paul Overberg for The Wall Street Journal. For instance, biotech executive Arun Das and his wife purchased a 19th-century…
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Center City Office Building Goes Up For Sale, Could Be Converted Into Residential Building
The 15-story, 133,353-square-foot office building at 1760 Market Street has gone up for sale by owner and retired tax attorney, Victor F. Keen, writes Paul Schwedelson for the Philadelphia Business Journal. Doug Rodio of CBRE, who is representing Keen in the sale, said it could be sold in the low $20 million range. “Today, the…
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