Last we wrote about developer Carl Dranoff, his proposed One Ardmore Place in Lower Merion had taken hit from local business owners who recently filed a lawsuit against the township for wrongfully permitting Dranoff to do what he will with Haws Terrace, a road directly behind his planned project.
Now, Dranoff is making headlines in Philly (but for less headache-inducing reasons).
According to the Inquirer‘s Alan J. Heavens, the developer has been bequeathed the task of marketing and selling “the remaining 73 condominiums at the Residences at Two Liberty Place.” Heavens says title holder iStar Financial is crossing its fingers for “a repeat of the experience at 10 Rittenhouse Square,” which hit the $1,000-per-square-foot mark last year.
That shouldn’t be too hard, as the demand for luxury condos has been on the upswing:
High-end condos are hot, said Kevin Gillen, chief economist at Meyers Research and senior research fellow at Drexel University’s Lindy Institute for Urban Innovation.
In 2014, 104 million-dollar-plus condo sales were recorded in Center City, Gillen said, based on data from the city Recorder of Deeds Office. Dranoff called that a “stunning statistic” that likely had not been seen since 2006, before the housing bubble burst in August 2007.