PHILADELPHIA | 500 Walnut | 380 FT | 26 FLOORS

[jsbrook]

Originally Posted by Flyers2001

my household income is very close to 123k, we are no where near wealthy. I have 3 kids, slice it anyway you want 123k hh income is probably average for two college educated adults in their early thirties. College loans, mortgage, car payments, insurance's, household bills, kids tuitions. You might get a nice vacation every.now and then.

Yep. Absolutely. $123K is really not wealthy even for a single person. Life is expensive. Really, it's all just words anyway. There are no universally agreed upon definitions. What some people here are calling wealthy, I would call comfortable or well off. But certainly not wealthy. But speaking of wealthy, is there any information on which units at 500 Walnut have private terraces and the size? I am guessing just the two-floor penthouse and also that common deck. What size are the balconies? They are bigger than those of 1706 Rittenhouse.

[jsbrook]

Originally Posted by jsbrook

Yep. Absolutely. $123K is really not wealthy even for a single person. Life is expensive. Really, it's all just words anyway. There are no universally agreed upon definitions. What some people here are calling wealthy, I would call comfortable or well off. But certainly not wealthy. But speaking of wealthy, is there any information on which units at 500 Walnut have private terraces and the size? I am guessing just the two-floor penthouse and also that common deck. What size are the balconies? They are bigger than those of 1706 Rittenhouse.

Looks like Scannapieco answered my question in the video on 500 Walnut's website. The balconies are 325 square feet for all units. In 1706 Rittenhouse, only the penthouses had balconies of this size. I am not sure if the penthouses have terraces as opposed to balconies. The common terrace looks great.

[Flyers2001]

Heard a rumor Jayz and Beyonce are buying penthouse for close to 20 million.

[Philly-Drew]

Originally Posted by Flyers2001

Heard a rumor Jayz and Beyonce are buying penthouse for close to 20 million.

That would be cool.

[Philly Fan]

Originally Posted by Flyers2001

Heard a rumor Jayz and Beyonce are buying penthouse for close to 20 million.

Did Jay-Z And Beyonce Buy A Dickload Of Real Estate In Philly In Effort To Move Here Full-Time?

http://www.barstoolsports.com/philad...ere-full-time/

[joemustardo]

Does anyone believe this? I kinda do because Will Smith lived in my neighborhood when he was in Philly so I know that Philly and its suburbs have the capability to attract high-end celebrities. I just don't want to get my hopes up. Why would they move to Philly? Any thoughts?

[summersm343]

Originally Posted by joemustardo

Does anyone believe this? I kinda do because Will Smith lived in my neighborhood when he was in Philly so I know that Philly and its suburbs have the capability to attract high-end celebrities. I just don't want to get my hopes up. Why would they move to Philly? Any thoughts?

If it is true, it wouldn't be their primary residence.

[Larry King]

Originally Posted by joemustardo

Does anyone believe this? I kinda do because Will Smith lived in my neighborhood when he was in Philly so I know that Philly and its suburbs have the capability to attract high-end celebrities. I just don't want to get my hopes up. Why would they move to Philly? Any thoughts?

Jay-z is in town all the time for various things. Not a big deal either way

[iheartphilly]

Honestly, if Jay-Z spends that kind of money and is not his primary residence and it won't be, since you generally live where you work day to day, and he does not work from Philly day to day. So, my forgone conclusion is that it's an investment property that he will consider buying and if he buys, he will flip it if he get get more $$$ than what he paid for it.

[Larry King]

Originally Posted by iheartphilly

Honestly, if Jay-Z spends that kind of money and is not his primary residence and it won't be, since you generally live where you work day to day, and he does not work from Philly day to day. So, my forgone conclusion is that it's an investment property that he will consider buying and if he buys, he will flip it if he get get more $$$ than what he paid for it.

He could just as easily think that philly is a great place to raise a family away from the craziness of ny (it is)

[TempleGuy1000]

http://www.phillymag.com/property/20...use-500walnut/

Thought I would share before we get too hyped

[allovertown]

Originally Posted by iheartphilly

Honestly, if Jay-Z spends that kind of money and is not his primary residence and it won't be, since you generally live where you work day to day, and he does not work from Philly day to day. So, my forgone conclusion is that it's an investment property that he will consider buying and if he buys, he will flip it if he get get more $$$ than what he paid for it.

I don't know, that may be sound thinking for your average Joe, but we're talking about Jiggaman here. Jay-z has done a lot of business in philly over the years. His Roc-a-fella records used to have a ton of Philly artist back in the day including Beanie Siegel and Freeway. Not sure if he's currently involved in managing any younger Philly artists (I'm too old.) That's not even mentioning Made in America which has become a yearly event and guarantees his presence in the city at least a few days each year. All told Jay-Z probably spends less than 20 days a year in the city but to someone like Jay-z that's probably enough to justify buying a $20 million dollar crib to spend those 20 nights in.

Interestingly enough according to this fairly recent Complex article, (http://www.complex.com/style/2014/02...e-real-estate/) if confirmed the $20 million spent on this condo would be the highest confirmed price for any of his or Beyonce's properties and more than any NYC property they are even associated with.

I still agree with Summers that even if he is moving in to 500 walnut it won't be his primary residence but due the high price for even uber rich people like Beyonce and Jay-z, if true this likely means he'll be in the city considerably more frequently.

In any event, regardless of whether or not Hova is involved, the fact that anyone is plunking down $20 million to live in Philly seems to bode well for more buildings of this nature to be built in the future.

[iheartphilly]

Originally Posted by allovertown

I don't know, that may be sound thinking for your average Joe, but we're talking about Jiggaman here. Jay-z has done a lot of business in philly over the years. His Roc-a-fella records used to have a ton of Philly artist back in the day including Beanie Siegel and Freeway. Not sure if he's currently involved in managing any younger Philly artists (I'm too old.) That's not even mentioning Made in America which has become a yearly event and guarantees his presence in the city at least a few days each year. All told Jay-Z probably spends less than 20 days a year in the city but to someone like Jay-z that's probably enough to justify buying a $20 million dollar crib to spend those 20 nights in.

Interestingly enough according to this fairly recent Complex article, (http://www.complex.com/style/2014/02...e-real-estate/) if confirmed the $20 million spent on this condo would be the highest confirmed price for any of his or Beyonce's properties and more than any NYC property they are even associated with.

I still agree with Summers that even if he is moving in to 500 walnut it won't be his primary residence but due the high price for even uber rich people like Beyonce and Jay-z, if true this likely means he'll be in the city considerably more frequently.

In any event, regardless of whether or not Hova is involved, the fact that anyone is plunking down $20 million to live in Philly seems to bode well for more buildings of this nature to be built in the future.

Anyone that can plunk down 20 million for a pad is not your average Joe, sound thinking or what not. These are your 1 percenter and they are skillful about their $$ and investment and very good business people overall.

[allovertown]

Originally Posted by iheartphilly

Anyone that can plunk down 20 million for a pad is not your average Joe, sound thinking or what not. These are your 1 percenter and they are skillful about their $$ and investment and very good business people overall.

Haha he's not your average Joe millionaire either. My point is he has no history of flipping properties but an extensive history of buying properties all over the place including cities such as Miami where he likely spends even less time than Philly.

In any event it seems this is likely false so he won't be living there or flipping it.

[Frontst17]

I'm not sure I believe this but to the point of living there, they were planning on buying a 70$ mil mansion in Beverly hills and probably not living there (at least all the time) so what's 20$ mil in Philly?

[McBane]

Part of the draw of this project is the exclusivity and privacy of having 1-2 units per floor. Having Jay-Z and Beyonce live in the building will create a media circus. Afterall, this isn't NYC or LA where celebs can be found everywhere. Here, the media goes gaga over newscasters and local athletes. A publicity stunt for a realtor? Sure. But I can't see the developers viewing this as a positive. And if I'm a potential buyer, I'd be concerned, too.

I'd also like to add that it's EXTREMELY UNPROFESSIONAL (and a little tacky) to announce high profile buyers in this fashion.

[acenturi]

Many celebrities have lived in Philadelphia over the years. The only people going gaga are the posters on here. They were not successful with their recent bid for the Beverly Hills property. Back to construction talk.

[Kidphilly]

Have to be honest this just doesn't make sense

[boxbot]

Originally Posted by McBane

Part of the draw of this project is the exclusivity and privacy of having 1-2 units per floor. Having Jay-Z and Beyonce live in the building will create a media circus. Afterall, this isn't NYC or LA where celebs can be found everywhere. Here, the media goes gaga over newscasters and local athletes. A publicity stunt for a realtor? Sure. But I can't see the developers viewing this as a positive. And if I'm a potential buyer, I'd be concerned, too.

I'd also like to add that it's EXTREMELY UNPROFESSIONAL (and a little tacky) to announce high profile buyers in this fashion.

Oh, god. Enough with the hand-wringing about this. It is a completely unfounded rumor from a blog entry on Barstoolsports.com. It is found directly next to an article entitled "A chick puked on me at a bar last night" and directly above photos of scantily clad women. It utilizes the word "dickload" in its title. It's not true. The developer said it's not true. Let's move on.

[summersm343]

Pile driver on site