NY buyer scoops up third Old City property

Monday, October 9, 2017

A building in the Old City neighborhood of Philadelphia that houses Charlie’s Jeans and other retail tenants has sold for $13.4 million.

The property, which is located at 222 Church St. address, is also known by 231-37 Market St. The property consists of three structures that were attached into a single 50,816-square-foot property in 1986. The upper floors of the building were converted into 40 apartments and the street-level became five commercial spaces. Aside from Charlie’s Jeans, Lovely Bride and Old City District occupy the commercial spaces.

The seller was an undisclosed international partnership that has someone local managing their properties. The buyer is a New York-based real estate investor that has already acquired two other properties in Old City and is looking for others to buy, said Ken Mallin of MPN Realty, who along with colleagues Veronica Blum and Jade Eskovitz arranged the transaction.

“Like a lot of other New York and out-of-town buyers, they see the growth pattern in Philadelphia and like where Philadelphia is headed,” Mallin said, declining to name the buyer. “Each of these out-of-town buyers have areas they like and these buyers like Old City."

The last time the property traded was in 2013 for $10.6 million, according to Philadelphia property records. Though it sold just a few years ago, commercial real estate in Old City don’t sell with much frequency. As the market has matured and values have risen, some property owners decided to sell and that has made way for new development or conversions.

In a more recent example of an Old City transaction, Goldenberg Group bought a portfolio for $18.5 million last December. The properties included: Mariner’s Court, a mixed-use building at 219-229 Vine St.; two surface parking lots with 17 parking spaces that are contiguous with each other along North American Street and run back to Wood Street; 207-213 Vine St. along with parcels at 214-220 Vine St. including a surface parking lot; as well as 213-215 New St.

-- Natalie Kostelni, Philadelphia Business Journal

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