By Ryan Mulligan – Reporter, Philadelphia Business Journal
A Northeast Philadelphia parcel with approved development plans has sold to a New York firm for $4 million.
Lakewood, New Jersey-based Paramount Realty sold the property at 5501 Whitaker Ave. to an entity affiliated with Brooklyn-based Asset Realty and Construction Group, Philadelphia property records show. The triangular lot is located next to the headquarters building for auto parts manufacturer Cardone Industries.
Paramount received zoning permits in December 2022 to build a three-story, 126,300-square-foot self-storage facility on the just over three-acre parcel. The property located just off of Roosevelt Boulevard is assessed at $3.6 million, according to city records.
The project wouldn't be Asset Realty and Construction Group's only in-the-works self-storage project in Northeast Philadelphia. In July, the developer completed the Civic Design Review process for a 152,720-square-foot self storage at the corner of State Road and Cottman Avenue.
Asset Realty has a diverse real estate portfolio of self-storage, warehouse, retail and multifamily properties. Most are clustered in the New York metro area.
Asset Realty and Construction Group CEO Dino Tomassetti did not respond to a request for comment.
Paramount Realty CEO Maurice Zekaria said in an email to the Business Journal that the company decided to sell the land because self-storage facilities are not a part of its core business. Paramount previously sold a nearby retail center at 4640 Roosevelt Blvd. for $78 million in 2021.
Full story: https://tinyurl.com/yvjrjh9e
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