New York often leads trends for commercial real estate and urban development. The MidTown Philly condo market hasn’t recovered since 2020 as robustly as Rittenhouse Square and other prime Center City communities. The lack of residential properties leaves condo owners alone in the midst of empty office spaces. Foot traffic dynamics changed dramatically without office workers coming and going every day. Once Philly follows the lead of New York in creative conversion of empty office and commercial space, it could transform the MidTown condo market.
- Related article – How foot traffic affects condo values
Empty Wall Street Offices to Be Revived as Apartments
55 Broad St. in New York’s financial district will be turned into 571 apartments, one of the largest office conversions to be launched during the pandemic, reported by Wall Street Journal this week.
A venture of two New York developers has purchased a one-third empty office building in the city’s financial district with plans to convert it into apartments, one of the largest such conversion schemes to be launched during the pandemic.Wall Street Journal
Philly’s MidTown is prime for such development which would positively impact sales and values for condo developments that have beautiful offerings, yet have lost value due to the pandemic.
MidTown Condo Opportunities
The Packard Grande – located at 111 S 15th Street between Chestnut and Sansom, literally next to the Urban League, this development has gracious architecture, attractive amenities, easy access to Regional Rail and is pet friendly. However, sales have suffered. For affordability with potential increase in value check out;
- Unit 2303 – a corner 1 bd with views, the seller is VERY motivated. However, it doesn’t show well online or in person. Bad photos and left over furnishings and ugly curtains have to be looked past to see the opportunity. It’s a spacious one bedroom, yet the bedroom doesn’t have a door (easily fixed). The seller has dropped the price a couple of times and is now offering a $3,000 credit to buyers. Currently asking $269K, yet I believe there’s still room for negotiations.
Two Liberty – gorgeous luxury building with amazing skyline views. On site amenities, parking available and it’s also pet friendly. The HOA has plans to upgrade amenities. The upper floors have a partial tax abatement remaining. If you’re looking for iconic Philly views, with a potential for increase in value once MidTown revitalizes, check out these opportunities;
- Unit 4805 – 3 bd / 3 ba corner unit with gorgeous views! Reduced to $1,125,000.
- Unit 5106 – 2 bd / 2 ba corner unit, gorgeous views, motivated seller. $975,000
- Unit 5306 – 2 bd / 2 ba penthouse lifestyle! Owned by an out of state trust, available with furnishings as well. $925,000
- Unit 4208 – 2 bd / 2 ba – temporarily off market, corner unit with views! Tenant occupied and reduced to $650,000. Perhaps the best buy in the building!
To explore all the options for Center City living, contact me for a private consultation.