WATERFRONT SQUARE’S REEF BUILDING SURPASSES 50% SOLD, GAINS APPROVALS
The Reef Building at Waterfront Square Condominium & Spa has transcended the 50% sold benchmark, reporting strong sales in the eight months since more than 115 unsold units were taken back by The Union Labor Life Insurance Company (ULLICO) at a Sherriff’s Sale in June.
The building, which is part of the master planned multi-tower condo project developed on a lush 10-acre patch along the Delaware River just east of Northern Liberties, has been re-energized with ULLICO’s
appointment of full service real estate firm Grasso Holdings as Receiver and now as asset
manager to exclusively market and sell the remaining unsold homes. Together they have
sold in excess of $10M in inventory in the past 8 months, including the sale of an unfinished
penthouse for $1.7M.
Christie Honigman, of the Honigman Group produced this event, hanging with Kerry English, Katie English and Kristin Detterline, Philly Style Magazine
“The surge in sales can be attributed to many things but what we did, effectively, was
re-evaluate the marketing effort and re-price the units to be more reflective of the
current market,” explained David Grasso, principal of Grasso Holdings. The company
also launched a rebranded marketing campaign highlighting the unique value play that
Waterfront Square affords potential buyers, offering one of the best dollar for dollar
amenity packages in the city for a condo fee that is, in some cases, half the industry
|An anomaly in the Philadelphia condo market, Waterfront Square pairs every newly
constructed square foot with sweeping bridge and city views, hotel-like amenities, major
roadway access, privacy and above all, competitive pricing.