10 Rittenhouse Square seemed star-crossed from the start — a building conceived during the real estate boom of the mid-2000s, but actually born during the economic bust that slammed Philadelphia’s real estate market a few years later. Zoning snafus led to construction delays that ran hand-in-hand with the recession. The first closing didn‘t happen until late 2009. A development partner died, and another lost control of the property, as the main lender ended up wresting control in a case that ultimately landed in court.
Return on Design
Less than two years after its unsold units went to sheriff’s sale, 10 Rittenhouse Square is just 11 condos away from being sold out. That’s without an auction – which depresses values — and with prices on the remaining units cracking the $1,000-a-square-foot barrier, while resale prices often are topping $1 million. Once an afterthought for Philadelphia’s wealthy and cultured residents, 10 Rittenhouse Square now carries an elite reputation to match its elite address.
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