PHILADELPHIA-A New York City developer that remains anonymous has bowed out of the planned Penn's Point Riverside condominium project. The company has put an 0.6-acre fully entitled parcel and comprehensive plans for the 68-unit building on the market for $8 million. The land is at 1100 N Delaware Ave. and currently contains an open lot and several vacant warehouses.

This seller follows several other developers that had plans for the site. Rudyard Porter, associate director of the local office of Cushman & Wakefield, is marketing the package, including the land, which is located east of the now-gentrifying Northern Liberties neighborhood. Delaware Avenue runs between the parcel and the Delaware River.

The building plan calls for 71 parking spaces in addition to the residential units, which average 1,252 sf. Porter tells GlobeSt.com that, according to his calculations, which are based on unit selling prices of $450 per sf, or a gross sellout of $45 million, Penn's Point Riverside could yield an $8.8-million net profit after acquisition, construction and marketing costs. The estimate, he says, is based on costs and sales of six new condominium projects that are either recently completed or under way. He declined to identify the seller, discuss why the developer is selling or disclose the identities of others that have been involved in this planned project.