Developer Bart Blatstein, whose development projects in Northern Liberties helped transform the neighborhood into a popular residential and commercial destination, has sold 60 percent of his holdings there to New York investor group Kushner Companies, The Philadelphia Inquirer reported Thursday.
Blatstein’s Tower Investments, Inc. said Thursday it had sold controlling interest in The Piazza at Schmidt’s and Liberties Walk at Schmidt to Kushner Companies, but no purchase price was disclosed. The Inquirer did report, however, that the property in the deal was thought to be worth $130 million.
The Piazza consists of 430 residential units, 100,000 square feet of commercial space and an 80,000 square-foot plaza. The commercial space includes restaurants, bars and shops, and the plaza is host to many events and concerts.
Liberties Walk includes 72 apartments and 30 commercial spaces.
Blatstein told The Inquirer, “It’s a great time to be selling multi-family assets.”
Blatstein is also one of the six contenders for Philadelphia’s second casino license. His project’s location is a three-block property he already owns along Callowhill Street between Broad Street and 17th Street.
Star Managing Editor Mikala Jamison can be reached at 215–354–3113 or at [email protected].
