Dranoff Properties Offers Free Smart Car to Buyers

Dranoff Properties Offers Free Smart Car to Buyers
Published: July 24, 2008

By Erika Schnitzer, Associate Editor

Philadelphia--In a move to relieve some of the pressure increased gas prices has caused for commuters, Philadelphia-based Dranoff Properties is offering a free Smart Car for those who purchase the remaining residences at its luxury condominium Symphony House.

"Many residents choose to have cars, so Dranoff Properties is challenging future residents to 'live smart, drive smart,' " says Carl Dranoff, president and CEO of Dranoff Properties. "By driving a Smart Car, residents can easily navigate the crowded city streets in a small, easy-to park, fuel-efficient vehicle."

In addition to the free car, Dranoff Properties is including a free parking space in Symphony House’s garage, which typically costs $75,000. The property is currently 85 percent sold.

"We announced this promotion only one week ago, and as a result, have dozens of scheduled appointments with potential residents. It is too early to tell how this will affect sales, but the response has been tremendous," Dranoff tells MHN. "We truly feel that people are looking for a more responsible and convenient way to live and drive without compromising style and luxury. This is what we offer at Symphony House."

Smart Car averages 33 city/41 highway miles per gallon, according to 2008 EPA standards. This can save the average SUV driver $260 a month and reduce his carbon footprint by 6,225 pounds of carbon a year.

Construction was completed on the 31-story, 163-unit development in January 2008. Designed by Philadelphia-based Bower Lewis Thrower Architects, Symphony House offers one-, two-, three- and four bedroom luxury residences, ranging from the mid-$500,000s to $4 million for penthouses.

Homes feature hardwood floors, granite countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers and large balconies and/or terraces in most residences. Additionally, the development includes a self-parking garage with card-controlled access to a private elevator that goes directly to the resident’s floor.

Community amenities include a glass-enclosed indoor 65-ft. lap pool and oversized hot tub, a spa with sauna, stem and massage rooms, as well as a fitness center, private dining salons, fully equipped multimedia board room, temperature-controlled wine storage and tasting facility and the "Symphony Club," which includes a library, club room, catering kitchen, landscaped garden terrace and 150-ft. long sundeck. Additionally, 24/7 concierge services and a full-time doorman is available to residents.

Located in Center City, Symphony House is situated in the heart of downtown Philadelphia. It is the first condominium tower to open on the Avenue of the Arts, and the Suzanne Roberts Theater is located on the property. Additionally, residents are within walking distance of dining and entertainment.

Financing for the $125 million project was provided by U.S. Bank National Association.