PHILADELPHIA-A downtown site here going to auction next weekmight determine further area pricing. That's the take of PaulGalanis, managing director of CB Richard Ellis Auction Services,which will hold the auction for 1441 Chestnut St., which goes toauction Oct. 5.
"In the current marketplace, how do you pick a price?" he asksin a GlobeSt.com interview. "This could be a benchmark for themarketplace."
1441 is currently a money-making parking lot that takes in a netincome of about $650,000 annually. The site was formerly proposedfor a luxury Waldorf Astoria hotel. It is currently zoned for848,000 square feet of building space.
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