It was 10 years ago when Carl Dranoff made a daring move
to construct a condominium tower on South Broad Street.
Not only was South Broad uncharted territory for a
high-end residential building - some units at Dranoff’s Symphony House were
going for more than $1 million at the time - but so was the Center City
condominium market. It was early in Philadelphia’s condo development boom and
selling condos that catered to the luxury buyer was seen as a gamble.
Symphony House, a $125 million, 32-story condo
development, ended up being a success and Dranoff is ready to strike again with
One Riverside.
One Riverside broke ground yesterday. Notice the projects
in the background across the Schuylkill River in University City that are also
under development, such as FMC Tower and Evo.
Dranoff and his Dranoff Properties Inc., banking on a resurgence
of Center City’s condo market — at least at the high end, held an official
ground breaking on Wednesday of One Riverside, an $85 million, 22-story
condominium development at Locust Street and 25th Street in the Fitler Square
neighborhood of Philadelphia.
At first Dranoff thought One Riverside should have been
an apartment building only to change his mind and make it condos.
So far, it appears that Dranoff is hitting the market
right.
Of One Riverside’s 82 residences, Dranoff has so far rung
up $30 million in sales on about half of them. Many of the buyers are combining
more than one unit to create large-scale residences. That’s not cheap
considering the condos run from $700,000 to $4 million at the very high end.
Source: Philadelphia
Business Journal
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