Morning Headlines: Carl Dranoff Starts New Company
Developer Carl Dranoff, of Avenue of the Arts fame, is starting a new boutique real estate brokerage with the help of partner Marianne Harris, the Inquirer’s Alan J. Heavens reports. The brokerage won’t be limited to Dranoff’s own properties—it’ll cover much of Center City and adjacent neighborhoods, and fill a need Dranoff’s company has seen among its customers:
For Harris, the tipping point was 10 Rittenhouse, the troubled luxury high-rise Dranoff stepped in to finish and sell for iStar Financial, the senior lender, in late 2011.
“We are pretty much sold out there, and buyers unable to find a condo there keep asking, ‘Can you show me something else in Center City?’ ” she said. “Having our own brokerage will allow us to show them others.”
The new company, called Dranoff Properties Realty Inc., introduced itself with a full-page advertisement in today’s Inquirer. It’s just one of many new projects for Dranoff: he just finished Southstar Lofts at Broad and South, and within the next year hopes to start construction on two towers in Philly and one in Newark, NJ.
And in other news…
- Trio of brothers rebuilds N. 6th [Inquirer]
- Buy This Building: Mikveh Israel [Naked Philly]
- $17M residential development coming to Camden, after $6.2M in tax credits [Philadelphia Business Journal]
- Pizza, pizza: $1 million a pie? [Daily News]