Luxury apartment developer the latest investor in Piazza apartments

Mark Abrams
May 30, 2018 - 10:12 pm

Dreamstime

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PHILADELPHIA (KYW Newsradio) — A real estate analyst insists the Northern Liberties area is still fertile ground for investment, even though a New York-based real estate group formerly led by Jared Kushner recently sold its interest there.

Post Brothers of Philadelphia — an investor, owner and developer of luxury apartments and complexes — recently purchased a share in The Piazza at Schmidt’s Commons from Kushner Companies in New York. 

Post Brothers is planning renovations in three of the Piazza's buildings and also wants to add a courtyard pool.

Adrian Ponsen, a Philadelphia real estate market economist at CoStar group, said Northern Liberties is a good investment, even with what he sees as an excess of luxury properties in the city.

"The reality is that even though there's so much construction piling up and that's causing a little bit of softness in the market, as an income-producing investment apartments are still a very strong choice," he explained.

The Piazza is built on the site of the former Schmidt's brewery. 

Post Brothers will join forces with Kushner's former investment partner, Oaktree Capital Management.