PHILADELPHIA-Goldman Properties is converting the five-story White Building at 105 S. 12th St. into 24 residential condominiums with ground-floor retail. The Italianate building was constructed in 1897 as headquarters for SS White Dental Mfg. Co. and was later occupied by jewelry retailer Bailey Banks & Biddle with law offices on the upper floors.
Tony Goldman, CEO of the New York City-based company that bears his name, tells GlobeSt.com he identified Philadelphia as one of three cities in addition to New York where he wanted to invest and redevelop neighborhoods. The others are Miami and Boston. On entering Philadelphia, Goldman had a brief flirtation with the Divine Lorraine Hotel, which he sold in 2003 and which has just recently changed hands again.
Since then, Goldman has concentrated on the Center City neighborhood he now calls B3 for "Blocks Below Broad." He says his company has invested $30 million in B3 properties. Among them are buildings containing four home fashion stores--Matthew Izzo, BShehu, Sparacino and Open House--plus the restaurants Lolita, Capogiro and El Vez. He declined to disclose what he paid for the White Building, which is in the heart of B3, and was acquired five years ago. The building extends along the full eastern block of 12th between Chestnut and Sansom streets.
Saying, "I keep numbers to myself," he also declined to disclose the cost of the White Building's condo conversion. Units range from 900 sf to 1,900 sf and are priced between $479,000 for a studio and $939,000. "Buyers will determine whether they want installed walls or movable dividers," he says. Craig Grossman, Goldman's Philadelphia managing director, is marketing the units, and Goldman says, "one is sold and two more are under contract." Initial occupancy is scheduled for this fall. He says he's seeking a "hip bar" as a retail tenant.
This is Goldman's first condo conversion here, but not its last. Next, he says, is the former Cunningham Piano Co. building at 1312-1314 Chestnut. The 15-story property includes adjacent land located between 13th and Juniper streets. "We'll combine conversion of the existing building with new construction for a total of about 40 units." He again declining to disclose an acquisition or all-in cost.
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