With the purchase of a 1.5-acre parcel along the Delaware River waterfront, work on a 19-townhome development near Penn Treaty Park is set to begin immediately.
New York-based developers Gotham Bedrock LLC announced that it has bought the land at 1143-51 N. Delaware Avenue from Shovel Ready Projects for $7 million and plans to begin construction on the turnkey project immediately. Originally called marketed as Penn Treaty Views, the development parcel and its design plans and permits first hit the market in March for $6.5 million.
The Gotham Bedrock project is being called The Views at Penn Treaty, and will include four-story townhouses ranging from 3,800 to 5,500 square feet. Each townhouse will come with a two-car garage, an elevator, and a roof deck.
Gotham Bedrock’s Alex Halimi and Saul Mazor will be the first New York developers—the majority of their work has been in Brooklyn—to break ground on the Delaware River waterfront, which in just the last few months has seen a resurgence in interest from both local and out-of-town developers. The nearby Philadelphia Piers, for example, were also recently purchased by NY-developer Durst Organization.
"The reality of New York is that the cap rates are insane and in Brooklyn there is a major scarcity of supply," said Halimi in a statement. "Looking nearby it's tough because in New Jersey the taxes are too high. So Philadelphia is very attractive.”
He also noted that the energy of Philadelphia reminds them of Brooklyn, and that the 10 percent tax abatement rate also factored into their purchase, which was handled by the Cohen Team of Keller Williams Realty.
- 12 major Delaware River Waterfront projects in the works [Curbed Philly]