(To read more on the multifamily market, click here.)

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

This seller follows several other developers that had plans forthe site. Rudyard Porter, associate director of the local office ofCushman & Wakefield, is marketing the package, including theland, which is located east of the now-gentrifying NorthernLiberties neighborhood. Delaware Avenue runs between the parcel andthe Delaware River.

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