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Old Posted Mar 11, 2014, 3:49 PM
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summersm343 summersm343 is offline
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Join Date: Oct 2011
Location: Philadelphia
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Quote:
Originally Posted by Pennsgrant View Post
Very interesting project. Location is excellent(Society Hill). The views to Center City from that location are exceptional except that those CC views appear to completely blocked by adjacent tower which would be a buzzkill for me. The main view here is going to be of Camden yuck and Independence Mall.

40 Unit project which the developer is going to invest $160 M in ? The Penthouses will most likely have to be in the $12M-$15 M range and the average unit will have to go for $5.5 M for the developer to make a nice $50 M profit.

I give Scannapieco credit though. He goes high end which comes with alot of financial risk but leaves quite a legacy. For instance Pearl just flipped The Granary for a $50 M profit but they only invested/risked $60 M in the project.
Scannapieco built 1706 Rittenhouse which has been HIGHLY HIGHLY successful and a rarity when units come on the market. I would imagine he has now made a big name for himself. Any units here will likely go QUICK. It is not often that high end condo towers are built in Society Hill. If anyone where to do it, I'm glad it is Scannapieco.