AMC Delancey scoops up walk-up apartments

Monday, May 3, 2010

AMC Delancey Group Inc., seeking ways to seize on opportunities in a shifting commercial real estate market, has decided to focus on the walk-up apartment.

A staple of city living, the walk-up has no elevator and renters must typically walk up stairs to reach their apartments. AMC Delancey settled this month on a portfolio of 10 walk-ups in Center City along Spruce, Walnut, Pine and other nearby streets for $9.5 million. The seller, Clinton Properties of New York, had owned the buildings since the 1990s. In all, there are 91 apartments. The transaction was arranged by Ken Mallin of Mallin Panchelli Nadel.