“Grand old buildings” like the Kramer Family portfolio, which consisted of the brownstones at 1023, 1026, 1027 and 1028 Spruce St., seldom come up for sale but are very desirable for investors and there is a segment of renters who prefer to live in brownstones that have historic character. Originally built as single-family homes in the mid-1800s and acquired in 1939 by Nathan and Ceil Kramer, who decided to convert the buildings into apartments, the family maintained them as such until recently the difficult decision was made to sell.
Apartment buildings along Spruce and Pine streets seldom come up for sale but often draw a lot of interest when they do. If anything underscores interest in the Kramer portfolio it’s the number of showings and offers that were tallied. Over the course of 60 days, there were 40 tours and 20 offers, Nadel said. The offers were whittled down to five based on price, terms and buyer. While Nadel declined to disclose the names of those prospective buyers who took a stab at buying the buildings, he described them as “marquee players … household names of Philadelphia real estate.”
The buyer, who Blum declined to disclose, is from Philadelphia and owns properties in University City but wants to expand into Center City. It paid $6.55 million for the buildings, which was $50,000 over the asking price, and plans to renovate the units as they come available.
-- Natalie Kostelni, Philadelphia Business Journal