Philadelphia Office Skyscraper is Now Luxury Condo
- Feb 17, 2010
Philadelphia–Aria, a condominium project on 1425 Locust St. in Philadelphia, was the city’s first high-rise office tower, formerly known as the Lewis Tower Building. In 2006, it was converted into luxury condos at an estimated cost of more than $40 million. By December 2008, about 50 condominiums were sold. But then sales stopped when the property was placed in receivership. Now, the same building has got a new lease of life.
Aria’s new owner, GoldOller Associates has converted it into a 33-story, 114-unit condominium property.
Richard Oller, chairman of GoldOller Associates, now intends to sell the units at newly reduced prices. “It’s a value proposition,” he says. GoldOller purchased the mortgage and note from Istar in September 2009 and successfully bid in its interest to acquire the title to the real estate at a sheriff sale. The price paid by GoldOller for the note and mortgage was not disclosed however the mortgage due to Istar exceeded $23 million.
According to Oller, the Aria is essentially a brand new building. It was completely rebuilt from top to bottom with new systems and high-end finishes. Gourmet kitchens include custom granite counter tops, Viking appliances and all-gas cooking.
Prices start at $502,000 for a 1,258 sq. ft. space and go up to $1,712,000 for 2,614 sq. ft (two bedrooms and two and a half baths.)