PHILADELPHIA-A downtown site here going to auction next week might determine further area pricing. That's the take of Paul Galanis, managing director of CB Richard Ellis Auction Services, which will hold the auction for 1441 Chestnut St., which goes to auction Oct. 5.
"In the current marketplace, how do you pick a price?" he asks in a GlobeSt.com interview. "This could be a benchmark for the marketplace."
1441 is currently a money-making parking lot that takes in a net income of about $650,000 annually. The site was formerly proposed for a luxury Waldorf Astoria hotel. It is currently zoned for 848,000 square feet of building space.
Galanis won't go into details about potential bidders or predict what price it could fetch, but he does say that he is hearing from "people throughout the United States" and foreign investors as that would propose a "wide variety of uses."
The auction takes place at the Union League on Tuesday at 10 a.m. Those wanting to bid must make sure to bring a $250,000 certified or cashier's check.
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