philadephia

Condos in Philadelphia's Waterfront Square Project Up For Auction

Waterfront Square, a luxury condominium project on the Delaware River in Philadelphia is the site of a new condo auction. The Philadephia Inquirer reports that this is the fourth time in a little more than a year that units in this building are being auctioned off. A total of 35 condos are being put up for auction at an event being held by Accelerated Marketing Partners. The condos are located in a formerly industrial area and the nearest neighbor is the SugarHouse Casino, a fact which according to the article, is actually a boon for local residents.

The first two towers at Waterfront Square, which were completed in late 2005 and early 2006, are sold out, except for one unit but the newest tower, a 179-unit high-rise called the Reef is the one that has faced difficult times. It was 72 percent presold when September 2008 rolled around and one of the lenders was Lehman Brothers. The completion of the tower was delayed for a year and the bulk of buyers who had signed contracts backed out.

Waterfront Square is a gated community on 10 acres. A grass-covered parking garage forms the largest green roof in Philadelphia. There is a fitness center, pool, clubhouse and a concierge in each tower building.

The 35 units include one-bedroom and two-bedroom units and minimum bid prices range from $195,000 to $415,000 which is over 50 percent off the original selling prices. The auction takes place November 21, at the Hyatt Regency Philadelphia at Penn's Landing, 201 S. Columbus Blvd.

Tags: pennsylvania real estate, philadelphia real estate, philadephia, waterfront square

Philadelphia's Waldorf Astoria Project Put On Hold

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Add another ambitious condo/hotel project to the dust heap. The 58-story Waldorf Astoria Hotel in Philadelphia has been postponed indefinitely. The $420 million project was to be a lavish project with a Waldorf-Astoria hotel, restaurant, spa, upscale retail and 136 condo units starting at $1 million. Philly.com reports that this is one of nine major hotel projects in the Center City area that have either been delayed or indefinitely put on hold. The project was doomed by the usual suspects, an uncertain real estate market and a banking climate that makes it virtually impossible for developers to get loans.

One of the developers, Timothy J. Mahoney III, president and chief executive officer of Mariner Commercial Properties Inc. has sold his stake in the project to his partner, Brook Lenfest of Brooks Capital Group.The developer is still under a management contract with Hilton Hotels which owns the Waldorf brand. Hilton is still committed to the project but it may be a while before this one comes to pass.

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Tags: condos, hotel, philadephia, waldorfastoria