Monday, May 6, 2019

Mixed-Use Building on Jeweler’s Row Fetches Nearly $6M

by Steve Lubetkin,
Galman Group, a private investor with interests in more than 30 properties worth more than $930 million, has sold Jewelers’ Row Apartments, 802 Sansom Street (122-124 South 8th Street) in Philadelphia, PA.
The mixed-use property contains 12 apartments and 4 street-level commercial/retail spaces. The five-story building was originally constructed in 1900 and renovated in 2017.

The residential units were recently updated and feature hardwood flooring, designer kitchens with stainless steel appliances and custom cabinets, and stackable washers and dryers. Large windows within the units provide plenty of sunlight and great views of the surrounding neighborhood and Jeweler’s Row.
802 Sansom Street is situated in Washington Square West, with easy access to Interstates 95, 76 and 676 as well as Broad Street and Columbus Boulevard. With a great variety of nearby popular restaurants, shops and entertainment, the property is also convenient to SEPTA’s Regional Rail and the PATCO High Speed Line to New Jersey.

The property attracted considerable attention from investors but was ultimately purchased by an international buyer who was not identified.

“We continue to see foreign capital buying core deals in Center City, Philadelphia. 802 Sansom’s desirability comes from its great location on Jeweler’s Row, close to major employers Jefferson Hospital and Pennsylvania Hospital.”

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