Headlines: Walnut Street’s Art Deco “Icon” Has Been Sold
One of Philly’s standout examples of Art Deco architecture, the majestic Icon 1616 at 1616 Walnut Street, has been sold for some big time money. According to Natalie Kostelni of the Philadelphia Business Journal, “the $112 million price tag is considered huge at more than $540,000 a unit. The building has 23,000 square feet of fully leased retail space and 160 parking spaces.”
The building was owned by a trio of companies, including Alterra Property Group, Cross Properties and Federal Capital Partners. The buyer, Kostelni says, “is an investor from New York.”
Icon kind of changed the rental game when it reopened in 2014. Not only did it offer luxurious residential and building amenities, but it also partnered with Delos to offer Philly’s first WELL Signature suites program with Vitamin-C infused showerheads, black out curtains, aromatherapy and the Stay Well mobile phone app. (Hey, if it’s good enough for Leo DiCaprio, it’s good enough for us.)
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