Report: Blatstein Offered $18 Million for Vacant Lot at Broad & Washington
Developer Bart Blatstein agreed to pay $18 million for a vacant lot at the corner of Broad & Washington under a contract with the property’s owner that’s now in question, according to a report in the Inquirer this morning.
Blatstein and representatives of N/H Philadelphia Properties, a New York-based real estate investment firm that owns the lot, met in court on Tuesday. The owner is seeking to send Blatstein on his way empty-handed, claiming that the agreement of sale expired on May 15. Blatstein, who got approval from the Zoning Board of Adjustment to build a 32-story apartment tower and rooftop retail village on the site Tuesday, still believes he’ll be able to build his project.
$18 million for a vacant lot, y’all. Though the property is assessed at $5.2 million, the owners say they’ve already received offers that exceed $18 million from other parties. Blatstein’s lawyers said that the owners are trying to cut off Blatstein while exploiting the process he went through to get additional zoning approvals on the property, according to the Inquirer.