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Old City Space for a Startup, With Room for a Ping-Pong Table

By Tim Ford

What could be done with 5,825 square feet of mixed-use space in a historic building dating back to 1852? (Shout out to Franklin Pierce.) A swoon-worthy loft above a commercial gallery/art studio? A new home for a tech startup? (office dog not included). As one can see from these hand-drawn floorplans, there's a ton of space here, and the photos show all the exposed brick, original wood beams and industrial ductwork that urban eclectic dreams are made of.
There are two front entrances on the first floor: The latter would make a suitable private entrance to the second floor in a residential conversion, since the hall is separated from the main space on the first floor. The basement is only slightly below grade with windows along the front for natural light, so it could be transformed into a second residential unit or more office space.

A less seasoned developer might balk at the $1.2 million asking price, especially considering the building's location on a side street. But Old City has built-in destination shopping cachet, and will have even more if 205 Race becomes a reality. Plus, collecting rent from the existing office space while renovating other parts of the building would be nice.

Size: 3 floors, 1935 square feet per floor, 5,825 total square feet
Parking bonus: Adjacent lot currently outfitted as two-car gated parking with stylishly overgrown landscaping, which could easily be used as a wine-enjoying space come First Friday.
Price: $1,220,000
· Listing: 208-212 New Street [Redfin] http://www.redfin.com/PA/Philadelphia/208-New-St-19106/home/40494359