Project Outline
SREA Property Management was named as a court-appointed Receiver for a 100+ year old, 17-story, 61-unit apartment building at the corner of 16th & Spruce Streets, in the Rittenhouse Square Neighborhood of Philadelphia. The property continues to deteriorate, sitting vacant in a state of disrepair with no systems, broken windows, while serving as a target for vandals. SREA was tasked with securing the asset, conducting regular site visits and inspections, curing City violations, and addressing maintenance issues. Upon stabilization, the property was marketed for sale.
Services Provided
- Secured the building to prevent unauthorized access.
- Completed façade study, filed safety report, and resolved the City’s violation.
- Reduced operating expenses to minimal levels.
- Widely marketed the property for sale sending over 100,000 emails, publishing an ad in the Wall Street Journal, and conducting dozens of property tours.
- Drafted and submitted regular court reports.
- Executed an Agreement of Sale with a potential buyer.
How SREA Added Value
Receiver has accomplished the following:
- Secured the Property from vandals and vagrants.
- Completed a façade condition review and cleared the L&I violations by filing a Safe with Repair & Maintenance Program report.
- Negotiated with potential buyers, creating a competitive sale environment which resulted in 13 written offers.
- Anticipated closing 2Q 2025.