Real Estate
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Could Taylor Swift Be Moving to Bucks County?
A rumor is spreading that the 34-year-old singer-songwriter and self-made billionaire Taylor Swift may have bought a home in Doylestown in August, writes Michele Haddon Jo Ciavaglia for the Bucks County Courier Times. The supposed property in Plumstead Township was sold on Aug. 9 for $12.9 million. However, county property records still do not list…
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Long Beach Island Beachfront Parcel Hits Market for $21M
A 2.5-acre beachfront parcel on Long Beach Island has hit the market for $21 million, presenting an amazing opportunity for developers, writes Ryan Mulligan for the Philadelphia Business Journal. According to listing agent Jeffrey Childers of Childers Sotheby’s International Realty, the property is one of the largest residential oceanfront parcels in New Jersey. The site…
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JP Orleans to Bring Riverfront Community to King of Prussia
Conshohocken-based JP Orleans is planning to develop a 119-unit residential community on a premier 18-acre parcel along the Schuylkill River in King of Prussia, writes Ryan Mulligan for the Philadelphia Business Journal. The project, called the River Trail at Valley Forge, will feature a mix of two-story carriage houses and three-story townhouses. Pre-sales have already…
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House of the Week: Captivating Contemporary in Somerton
A captivating contemporary home positioned beautifully on a lovely lot with four bedrooms and two and a half bathrooms is available for sale in Somerton. This hidden gem offers a truly unique blend of modern amenities, as well as many additional beautiful details. . . The home first welcomes you with a bright airy living…
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New Penn Valley Proposal Has Big Plans for Small Retail
A new office building with ground-floor retail space may soon be constructed along Montgomery Avenue in Penn Valley, Lower Merion, writes Richard Ilgenfritz for Main Line Media News. The Lower Merion Building and Planning Committee recently recommended the project to the Board of Commissioners. The new building would consolidate two properties at 727 and 731…
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Centuries-Old Stockton Inn in New Jersey Reopens as Hotel and Restaurant
The Stockton Inn, a more than 300-year-old property in Hunterdon County in Stockton, New Jersey has served many purposes over the years and it has now reopened as a chic hotel and restaurant, writes Judi Franco for New Jersey 101.5. The property has been around since 1710, becoming an important historical structure in The Garden…
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Philadelphia’s Turn the Key Program Celebrates 100th Price-Restricted Home Sold in the City
In April 2022, Philadelphia officials announced the launch of the Turn the Key program to give away city-owned land to developers to build 1,000 price-restricted homes for first-time buyers. The program just recently celebrated its 100th sold home with now 900 to go, writes Michaelle Bond for The Philadelphia Inquirer. This program is the city’s…
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Philly-based Hersha Hospitality Management Acquires Aloft Philadelphia Downtown for $25.1M
Philadelphia-based Hersha Hospitality Management recently acquired the 179-room Aloft Philadelphia Downtown for $25.1 million, writes Emma Dooling for the Philadelphia Business Journal. The sale of the Center City hotel adjacent to the Pennsylvania Convention Center breaks down to $140,223 per key. The Aloft brand is part of Marriott International’s Select Brand portfolio. Hersha acquired the…
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House of the Week: Historic Station House Condo in Heart of Old City
A beautiful historic Station House condo with three bedrooms and two bathrooms is available for sale in the heart of Old City. This secure, gated community provides the feel of a townhome combined with all of the low maintenance perks that come with owning a condo. . . The home welcomes you with its spacious…
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Some of Philadelphia’s Landmark Office Skyscrapers Will Have Lower Property Taxes Next Year
Some of the tallest buildings in Philadelphia have declined in value and will pay smaller property tax bills next year as a result, writes Kristen Mosbrucker-Garza for WHYY. The market value of one Center City office tower at the corner of 16th and Market streets went down by 20 percent last year, according to an…
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Wall Street Journal: How Philadelphia is Helping Renters Combat Nationwide Eviction Surge
The city of Philadelphia has helped thousands of renters get spared from eviction through its eviction diversion program, writes Will Parker for The Wall Street Journal. The relatively new process requires landlords to go through out-of-court negotiations with tenants before they can sue to remove them. It has helped eviction filings in Philadelphia to remain…
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House of the Week: Historic Colonial Mansion in Mount Airy
A historic 1925 colonial mansion set on 1.62 lovely acres with six bedrooms and four full and two half bathrooms is available for sale in Mount Airy. This magnificent residence features 5,340 square feet of living space al of which exude luxury and sophistication. They boast exquisite architectural details — such as crown molding throughout…
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Penn Jersey Packaging Warehouse in Northeast Philadelphia Among 3 Area Properties Acquired By KKR
Investment giant KKR recently acquired three Philadelphia-area warehouses as part of a larger $377 million acquisition, including the Penn Jersey Packaging warehouse in Northeast Philadelphia, writes Paul Schwedelson for the Philadelphia Business Journal. The Philadelphia-region properties sold for $198 million total, according to data from real estate research firm CoStar Group. It’s part of a…
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South Philadelphia’s Quartermaster Plaza Goes Off the Market After Owners Pivot Approach
Quartermaster Plaza in South Philadelphia is now off the market eight months after its owners originally had it listed, writes Paul Schwedelson for the Philadelphia Business Journal. The reasoning is due to the owners failing to find a buyer for the property. DRA Advisors and KRP Centers, two New York-based firms acquired the 456,208-square-foot shopping…
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King of Prussia Company Billionaire Sells Mansion with Staggering Price Tag
The billionaire founder of King of Prussia’s Universal Health Services, Alan B. Miller sold his Florida vacation home for a pretty penny, reports Brian Bandell for the Philadelphia Business Journal. Gladwyne’s Miller originally purchased the 7,167 square foot property in 1992 for $2.25 million. Thirty-two years later, he sold the property for $18.25 million to…
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WSJ: Philadelphia-inspired Moorestown Home Hits Auction Block with Reserve Price of $10M
A Philadelphia-inspired Moorestown home that cost roughly $27 million to build is now hitting the auction block with a reserve price of just $10 million, writes Katherine Clarke for The Wall Street Journal. Pharmacological entrepreneurs Calvin and Orsula Knowlton used Philadelphia’s famed Second Empire-style city hall as inspiration for the exterior of one of the…
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House of the Week: Massive Single-family Home in Mayfair
A massive single-family home set on 0.25 lovely acres with fifteen bedrooms and five and a half baths is available for sale in Mayfair. This attractive residence is currently being used as an assisted living facility and could easily be repositioned as a behavioral health, boarding home, or drug/alcohol rehab facility. . . The home…
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Drexel University Purchases Adjacent 7-Eleven Site for $4M, Redevelopment May Follow
Drexel University recently acquired a 7-Eleven location that has operated for more than decades adjacent to the school’s campus, writes Paul Schwedelson for the Philadelphia Business Journal. The university paid $4 million for the site. The 7-Eleven store is 2,720-square-feet, wihle the lot size totals to 8,430 square feet. While Drexel has said that the…
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