PHILADELPHIA — Goldenberg Group has bought a portfolio of properties in the Old City neighborhood of Philadelphia for $18.5 million.
With just a few exceptions, such as the conversion of the Ayer into condominiums, the Blue Bell-based real estate company typically doesn’t buy structures that have already been built. Despite that, Goldenberg decided these properties made sense to pursue.
“We thought it was a good opportunity to expand out portfolio,” said Seth Shapiro, chief operating officer at Goldenberg. “We like the neighborhood.”
The acquisition included four parcels with 57 residential units and surface parking lots that could be future development sites. Tucker Realty Corp. was the seller.
The properties included:
- Mariner’s Court, a mixed-use building at 219-229 Vine St. that was developed by Tucker Realty in the 1980s. It has 42 apartments and two offices;
- Two surface parking lots with 17 parking spaces and are contiguous with each other along North American Street and run back to Wood Street;
- 207-213 Vine St., which has 13 residential units and a lot with 20 parking spaces. The site forms a rectangle that is about 100 feet wide by about 145 feet deep and fronts three streets; and
- Parcels at 214-220 Vine St., a surface parking lot, as well as 213-215 New St., a warehouse that is leased.
“These were excellent parcels of properties in phenomenal locations,” said Ken Mallin of MPN Realty represented the seller with colleague Veronica Blum.
The portfolio garnered 18 offers of which four were over the asking price of $17 million, Mallin said. The residential units were fully occupied at the time of sale.
Natalie Kostelni, Reporter
Philadelphia Business Journal
