News

Accelerated Marketing Partners Announces Philadelphia’s First-Ever Real Estate Auction, to Be Held for Murano

AMP To Auction 40 One- and Two-Bedroom Homes at Murano, With Minimum Selling Prices Starting at $249,000

Philadelphia (June 3, 2009) – Accelerated Marketing Partners (AMP) will conduct Philadelphia’s first-ever real estate auction when 40 one- and two-bedroom residences are auctioned for P&A Associates’ and Thomas Properties Group’s Murano on Sat., June 27 at 1 p.m. at the Westin Philadelphia, located at 99 South 17th St. in Philadelphia.

Minimum selling prices for the 40 condominium residences will start at $249,000, which is up to 50 percent below previous asking prices. The Murano auction information center and model homes are open daily for viewing through June 26 and are located at 2101 Market Street, unit 2306. Advance registration for the auction is required and there will be no buyers’ premium or hidden reserves.

“This is a watershed event, not only for Philadelphia, but for the greater New Jersey, Pennsylvania and New York City areas,” said Jon Gollinger, co-founder and chief executive officer of AMP. “Current market conditions have left many buyers on the sidelines, frozen by price uncertainty. This event will cause the market to come together and allow buyers to tell us what preeminent condominium residences in Philadelphia are currently worth.”

Available for immediate occupancy, the Murano residences to be auctioned include 14 one-bedroom homes, ranging in size from 743 square feet to 1,091 square feet, with minimum bids starting from $249,000. Previous asking prices for the one-bedroom homes were up to $780,000. Also available at the auction are 26 two-bedroom homes, ranging in size from 1,254 square feet to 1,634 square feet, with minimum bids starting from $399,000. Previous asking prices for the two-bedroom homes were up to $1.105 million. Also available for auction is a 1,634-square-foot, two-bedroom-plus-den residence, with the minimum bid starting at $535,000. The previous asking price for this two-bedroom, three-bathroom home was $920,000. All homes to be auctioned include one storage unit, as well as a parking space in the private, owners-only garage attached to the tower. Parking was previously priced up to $50,000 per space.

“Given the situation in today’s real estate market, we have decided to put the ball in the court of prospective buyers. We did a net present value analysis on the costs to wait until a normalized market returns - calculating interest, taxes and HOA fees - and concluded that it is better not to incur those costs, but rather pass the savings on to unit buyers in the form of reduced prices," said Randall Scott, EVP of Thomas Properties Group. “This is an extraordinary opportunity for purchasers to determine market value on high-quality, finished real estate in an innovative and completely transparent process.”

Named for the famous Italian glass, the Murano is a modern, elliptical tower soaring 43 stories above Center City and affording residents unprecedented views of the Philadelphia skyline. The sophisticated homes feature floor-to-ceiling windows, many with dramatic curved glass and private terraces; hard-wood flooring; open kitchens with state-of-the-art stainless steel appliances and Wenge wood cabinets; and master bathrooms with double sinks, soaking tubs and glass-tiled showers.

The Murano’s sixth floor is home to a host of amenities for residents’ enjoyment, including: a state-of-the-art fitness center and adjoining massage room, an indoor swimming pool with lounge, a furnished outdoor patio, and a hospitality area with a fully furnished kitchen. Also available for residents are a private driveway with valet service, door staff, and 24-hour concierge.

Located in Center City, the Murano is near many of Philadelphia’s top attractions, including University City, the Benjamin Franklin Parkway, Schuylkill River Park, 30th Street Station; Rittenhouse Square; and the University of Pennsylvania Hospital; as well as Walnut Street dining and shopping and the West Market Street office district.

For more information, please call 215-952-2101 or visit www.muranocondoauction.com.

Thomas Properties Group
Thomas Properties Group, Inc. (NASDAQ: TPGI) is a full-service real estate company that owns, acquires, develops and manages office, retail and multi-family properties throughout the United States. Since its founding in 1996, Thomas Properties Group has developed, restructured or acquired properties in the West Coast, Southwest and Mid-Atlantic regions of the United States.

P&A Associates
P&A Associates is a full service real estate development company founded in 1984 by Alan E. Casnoff and Peter L. Shaw. P&A development projects include office, retail and industrial renovations of existing buildings (including several historic rehabilitations) and office, retail, and residential new construction developments. P&A most recently developed The St. James (pictured to the left), a 42-story luxury apartment building on Washington Square and the Commandant's Building, the first multi-tenant development at the Navy Yard in South Philadelphia. P&A is currently developing another luxury high-rise, the Murano Condominium (Artist's rendering to the right), located at 21st and Market Streets in Center City and conducting the historic restoration of the former Marine Barracks building in the Navy Yard.