PHILADELPHIA, PA–(1/25/18) – Rittenhouse Realty Advisors is pleased to announce the sale of the Reach Lofts, located at 1701 Tulip Street in the Fishtown neighborhood of Philadelphia. The building is a recent luxury loft conversion, consisting of 30 units with high-end finishes.
REACHLofts was originally built as a baseball and sporting goods factory in the late 1800’s by former baseball star Albert J. Reach. Developers Roland Kassis and Jason Nusbaum took full advantage of the industrial nature of this historic building, focusing on open, modern units. Features include large factory windows, 12-foot ceilings, exposed brick, and polished concrete flooring. Several apartments include original factory doors and columns.
“Fishtown is one of the hottest markets in Philadelphia,” stated Ken Wellar, Managing Partner at RRA. “We had a high level of interest in this property from New York buyers looking to get into this popular Philadelphia submarket.” Ultimately, the buyer was an experienced New York City-based group who approached the asset with a unique perspective.
“The strong similarities between New York’s Brooklyn submarket and Philadelphia’s Fishtown submarket have been well documented,” added Mark Duszak, Director at RRA. “RRA’s New York office has been instrumental in introducing New York buyers to the Philadelphia market.”
Corey Lonberger, Managing Partner at RRA, summarized the transaction, stating: “This property is one of the most impressive industrial to residential conversions in the city, and one of the highest quality rental communities in Fishtown.”