10 Rittenhouse has been a fixture on the northern end of Rittenhouse Square for several years now, so it’s easy to forget the boondoggle surrounding its construction. The project was originally supposed to get underway in 2005, which would have meant its completion in 2007 into 2008. That would have been difficult timing, as you might recall the economy and real estate market both took a major dip around that time. Numerous delays pushed the start of construction to 2007, with the first units trading at the end of 2009. As this was in the thick of the downturn, the project saw slower sales and lower prices than expected. Eventually, the property went into receivership in 2011, with Dranoff Properties stepping in to push the project to the finish line. We sort of assumed that the job was finished, with the entire building sold and occupied. Turns out, we were wrong.
Earlier today, it came to our attention that a 32nd floor penthouse unit is listed for sale, at the staggering price of $15M. It’s not especially noteworthy that this incredibly high priced unit is listed for sale; we’re far more interested in its current state. By that we mean, it’s still raw space.
This condo, once someone buys it and finishes the interior, will be amazing. It measures roughly 9,000 sqft, and the floor plan calls for 4 bedrooms and 5.5 bathrooms with amazing 360 degree city views. The building, as you might expect, has top notch amenities, with a pool, a fitness center, several party spaces, and a chauffeur-driven Mercedes S550 town car, ‘natch. The amenities had better be good, as the monthly condo fee is in excess of $10K.
If we stop for a second and consider that this is a huge space in an ultra-prime location, the price starts to make some sense. But still, unfinished space at over $1,600/sqft in Philadelphia does make the mind reel. We wonder whether a buyer will be lured in short order by the sheer size and prestige of the location, or whether the unit will sit on the market for an extended period of time. Now that you know about it, perhaps you’d like to make an offer?