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Rittenhouse Sq. Apartment Building Sells For $14.8M

by RRA on June 3, 2012
Rittenhouse Sq. Apartment Building Sells For $14.8M

Albert M. Greenfield Co. Inc. has sold the Le Crillon, an apartment building just off Rittenhouse Square in Philadelphia, for $14.8 million.

The 41,757-square-foot building at 105 S. 18th St. has 16 apartments and was bought for $925,625 a unit or $355 a square foot. Midwood Management of New York was the buyer. The Beaux-Arts style building also included seven retail spaces of which one store is vacant.

Ken Wellar, Corey Lonberger and Chris Munley represented Greenfield. The buyer was also represented by those brokers in addition to Dean Zang, who represented Midwood in the transaction.

The building had been on the market for four months but negotiations with the buyer had been taking place at the same time, Wellar said. The buyer was originally going to purchase just the retail portion of the property but ended up striking a deal for the entire building. Another aspect of the transaction was it involves a 191-year ground lease, which can sometimes command lower prices, Weller said.

Greenfield initially envisioned converting Le Crillon as two-, three- and four-bedroom condominiums that consisted of 12 flats and four bi-level penthouses, but the market for condos went soft when the units hit the market and plans were switched to make the project rental instead. Greenfield couldn’t be reached for comment.

Read the full article by Natalie Kostelni, Reporter for the Philadelphia Business Journal