If One Riverside, Dranoff Properties’$85 million residential project in the Fitler Square neighborhood of Philadelphia, is a barometer of how the condominium market is fairing in Center City, then things are going well.
The project has 82 units and Carl Dranoff expects half of them to soon be sold.
Flash back to when the developer was constructing Symphony House in 2005, and half of its 163 condos were sold just when the 31-story building was being topped out. Dranoff broke ground on One Riverside last June.
“To be that advanced for a ground-up condo development is unheard of in Center City,” Dranoff said.
It helps that more than half of those buying at One Riverside are acquiring two or three units and combining them.
“That’s one thing we have never seen before,” he said but certain highlights how much demand there is for it. “The choices are very slim for anything new that is large.”
By combining units, buyers are finding a way to get a bigger space that eases their transition from where they moved – and that’s usually expansive suburban homes.
It also gives them the ability to have a spare room to accommodate visitors, such as grandchildren. In light of the increased demand for bigger units, Dranoff is considering making some design adjustments to his SLS International Hotel & Residences project on South broad Street to make it more conducive for those who want to buy multiple condos and combine them.
Prices have also been high at One Riverside. Sales are averaging $1,000 a square foot. Buyers have ranged from Empty Nesters as well as surgeons and other physicians who work across the river at the University of Pennsylvania and Children’s Hospital of Philadelphia.