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Southwark on Reed townhomes more than 50 percent sold

All 91 townhomes are expected to sell out by the end of the year

More than 50 percent of the high-end homes at Southwark on Reed, a 91-townhouse development on the former Mt. Sinai Hospital site, have been sold.

The developers—Concordia, D3 Developers, and Resmark Companies—announced yesterday that at the current rate, they’re on track to sell the rest of the homes by the end of this year.

The first phase of the luxury townhomes hit the market less than a year ago in April 2016 while demolition of the hospital was still underway. By July, the first phase of homes had sold out.

The townhouses, which range from 2,300 to 3,200 square feet, are on the market from the $500,000’s to high $600,000’s. They’re mostly 3-bedrooms, although the most spacious homes have four bedrooms.

According to the announcement, the new owners of the homes are from all over the Mid-Atlantic region, with some attracted to location to Navy Yard and others wanting to be close to the restaurant and retail corridor of East Passyunk Avenue.

The fourth and final phase has already hit the market, and the whole $40 million development is expected to finish up in 2018.