Philadelphia apartments with historic charm appeal to some buyers

Philadelphia’s largest apartment building is getting a facelift.

Lobby Philadelphian shiny and new, with smart lighting, modern furniture and a new security desk at the entrance. Outside, stone pavers replaced concrete at the gate, and a waterfall replaced a faint fountain. The renovated commercial area at the rear smoothly transitions into Fairmount district.

And the Philadelphian now has a room specifically designed to solve this problem. almost 100,000 packages this year it will be available to nearly 1,200 residents – space that was not needed when the building was completed in 1963.

The $18 million renovation of the Philadelphia building, which began two years ago and is nearly complete, was driven by the need to replace concrete that had leaked into an underground parking garage, but also by deeper considerations: “Where do we want to be in the next 60 years?” ? ? said general manager Mark Levinson.

KBP Architectsfounded Cecil Baker“kept the Philly flavor but made it more modern,” Levinson said. It’s hard to please everyone live in the building’s 753 residential units, but many residents say they like the changes. Others miss the old lobby’s character and antiques.

“Some people liked the old charm of the way it was designed 60 years ago,” Levinson said.

Construction of the Philadelphian Hotel, located near and across from Benjamin Franklin Boulevard Philadelphia Museum of Artwas part of the building boom of modern and contemporary apartments in the 1960s. “But modern after about 60 years of change,” said Allan Domb of Allan Domb Real Estatewho has been selling apartments in the city since the early 1980s.

High-rise apartments are more expensive City center region. Over the past few years, new luxury buildings have appeared to join those already built. several decades or even a century ago. So how do older buildings compete with new ones to attract and retain residents?

Managers and residents of older buildings say there is less competition than one might think. Buyers have different needs and budgets. And for some, it simply comes down to personal preference.

Condominium Recommendations

Real estate agent Mark Wade said demand for apartments in the Greater City Center has returned to what he saw before the pandemic, and there aren’t many apartments for sale at the moment. This way, buyers can look at market segments they haven’t visited before. thoughtful. This could mean old buildings.

More important than the age of a building, affordability is a top priority for condo buyers, according to Wade, an agent with Berkshire Hathaway HomeServices Fox & Roach Realtors who owns and operates Berkshire Hathaway HomeServices Fox & Roach Realtors. CenterCityCondos.com. New construction in prime areas of the big city center “is actually selling very well, but it’s not for the masses,” he said.

In addition to price, the location and surroundings of the building are decisive. Many new buildings “don’t have the great locations that older buildings have,” Domb said. “The new building is just a few blocks from prime locations.”

City apartment owners want to be close to restaurants, recreational facilities and cultural institutions. Buildings such as the Philadelphia and Hopkinson House Built in 1963, Washington Square is home to medical and professional offices, grocers, restaurants and other commercial tenants serving the needs of residents.

In addition to location, Domb noted three other important factors for apartment buyers: the financial stability of the property, the size of the apartments and the views.

The owners of the Philadelphian Hotel didn’t have to pay extra to renovate the apartment because the building kept the money in reserve.

Resident Patty Boyer loves being in the museum district right off the parkway. From her 11th-floor apartment, she can see the famous steps of the Philadelphia Museum of Art and “all the way to West Philadelphia.” She likes being close to the city center, but not in it.

And the Philadelphian is known for its spacious premises. “You get more for your money” than in other buildings, Boyer said.

These are some of the reasons that brought her back to the building in 2018. She left in the early 1990s when she was in her early 40s, but returned after her husband died and remarried a few years later.

She loves the Philadelphian renovations. “Now it’s the 21st century with secure doors and a beautiful lobby,” she said.

Buyers are “in love” with their apartments

Buying an apartment can be attractive to empty nesters or retirees, young professionals looking for a starter home, or anyone who enjoys apartment living but wants to own one.

Many of the city’s high-rise apartments share many of the same amenities, such as staffed reception areas, fitness centers, and swimming pools. Some, such as Philadelphia and nearby 2601 Parkway Condominiumsopened in 1939, offers private bus services that travel throughout the city.

Philadelphia apartment owners aren’t easily lured away from their buildings by slightly different amenities or new construction. Residents are “kind of in love with the apartment they live in,” said Brett Scioli, CEO of Society Hill Towers, which turned 60 this year.

“I have many, many residents who have lived here for over 40 years,” Scioli said, since the apartments became condos. Residents who lived there in their youth and left the city to raise families in the suburbs eventually return. “Most of the owners here started out as renters. And they like it, and they stay.”

The same applies to Hopkinson House, said CEO Gary van Niekerk. And Philadelphia has residents who have stayed here since the early 1960s.

Age matters

As with single-family homes, some condo buyers want new construction, while others are drawn to the history and character of older homes.

From the lobby design to the overall architecture, apartments built at different times have different appearances. Newly constructed buildings have more modern designs, while buildings built in the 1920s have “more old-world charm,” Domb said.

In his experience, apartment buildings built in the 1920s are more respectful of the time in which they were built and generally don’t change much. He’s seen other buildings built in the 1960s change things like lobbies and furniture.

In antebellum apartments built before World War II, residents can expect to find solid wood doors, decorative ceiling molding, more trim details and unique furnishings, Wade said. Age is the main advantage of the residents. Notable antebellum apartments include 1830 Rittenhouse Square and 1900 Rittenhouse Square.

But the old buildings weren’t built with the infrastructure needed for modern life, so they’re having to play catch-up.

Hopkinson House is always looking at what other apartments offer, says van Niekerk, but “because it’s an older building, there’s a bit of a limit to what you can do.”

“In a building this age, the infrastructure is what it is,” he said. “That’s why it’s hard to change.”

It would be nice to build a fitness center, he said, but there is no room at Hopkinson House. Therefore, management sought to add value in other ways. For example, a newly added building charging stations for electric vehicles and began offering free composting. In the future, it may use some of its commercial space to build a fitness center.

Stay relevant

The owners of the Philadelphian cited a strong sense of community as one of the main reasons to live here—an element that transcends the building’s age. But the lobby renovation “was absolutely necessary” because the buildings need to remain modern, Wade said.

Like the Philadelphia House, Hopkinson House is “well-funded” and has the money to plan and complete capital projects without constantly asking the owners for more money, van Niekerk said. And this is attractive to buyers.

Hopkinson House management is taking on projects “that will help keep the building relevant in today’s market,” he said. Future plans include renovations and upgrades to the 32nd floor pool deck.

AND Washington Square is a drawing for residents. “We have a location that is very, very hard to beat in the city,” van Niekerk said.

Society Hill Towers’ Scioli said the “park-like setting” of his roughly 5.5-acre property is also a draw for residents.

He said many residents also choose to live there because the iconic buildings were designed famous architect I.M. Pei. They love the architecture of the Towers and the windows that surround the buildings outside. He said the community attracts many engineers, architects and tradespeople.

“People who look at the Towers, a lot of them have had the Towers in mind for a long time,” he said. Anyone interested in real estate probably isn’t considering purchasing a newly built apartment.

“I don’t see any character in the new buildings I’ve visited,” Scioli said. “The new buildings are a little more sterile.”