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An Encore for The Aria

Condominium sales will resume this month at Aria, The Condominium, the 33-story, 114 unit Beaux Arts architectural icon located at  1425 Locust Street (at 15^th) in Philadelphia. The Aria’s new owner, Richard Oller,  Chairman of GoldOller Aria Associates, announced today that he intends to sell the one, two and three bedroom homes at newly reduced prices as much as 30% lower than the originally offering in 2008  “It’s a value proposition,” he said. “The Aria's excellent location, luxury finishes, affordable prices, real estate tax abatement, low condominium fees, and the availability of conventional financing, make homeownership in this building very compelling,” said Oller. 

The building was one of Philadelphia’s first high-rise office towers, formerly known as the Lewis Tower Building.  In 2006 it was converted into luxury residential units at an estimated cost of more than $40 million. About 50 of the 114 condominiums were sold before December 2008. But sales stopped when the property was placed into receivership by its mortgage lender Istar Financial Services.

GoldOller purchased the Aria mortgage and note from Istar in September 2009 and successfully bid in its interest to acquire the title to the real estate at a sheriff sale held on Tuesday, November 3, 2009.  The price paid by GoldOller for the note and mortgage was not disclosed however the mortgage due to Istar exceeded $23 million.

According to Oller, the Aria is essentially a brand new building. It was completely rebuilt from top to bottom with all new systems and high-end finishes. Amenities include a fitness center, pet spa, residents’ lounge, business center and guest suit.  Condominums range in size from 800 sq. ft.  one bedrooms, to 2600 square foot full floor penthouses. Gourmet kitchens include custom granite counter tops, Viking appliances and all-gas cooking.  Bathrooms are appointed with surround marble tubs, seamless glass showers and custom sinks and vanities.  All condominiums have wonderful light and windows and many enjoy exceptional river-to-river views.  “The intangible amenity is great neighbors,” Oller says. “Half of the residences are already owner-occupied and there is a vibrant, community of friends and neighbors anxious to welcome newcomers.”

Oller, 55, is no stranger to the Philadelphia real estate landscape or condominiums. An area native, he began his career practicing real estate law at Blank Rome. In 1985 he formed the Wentworth Group, a real estate management firm, specializing in condominiums and homeownership communities. He grew Wentworth to become one of the largest residential management firms in the United States serving more than 200,000 units. In 2002 Oller sold his interest in Wentworth to a Canadian public conglomerate and returned to his Philadelphia roots. With his partner Jeffrey Goldstein, a Drexel Graduate and a New York based real estate entrepreneur, GoldOller was formed.

GoldOller affiliates include Multifamily Management Services Inc, which manages more than 30,000 apartment units, Madison Parke LLC, which provides condominium management and marketing services to the ultra-luxury Residences at Two Liberty Place, and the Condo Shop, Inc, a growing chain of boutique real estate brokerage firms run by Benjamin Oller, Oller’s son. In 2007 GoldOller developed the Enclave and Shops at CityVeiw, at 2001 Hamilton Streets, in the Art Museum area.

The Condo Shop will handle the sales of the Aria from the Aria’s 3,500 square foot sales center at 1425 Locust Street.

“I am bullish on Center City Philadelphia and very excited about the Aria which is at the epicenter of it all. We haven’t reopened the sales center yet and already 20% of our units are committed to buyers.  Philadelphians appreciate real value.” Oller said

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Contact:

Tina Breslow

tina@breslowpartners.com

215.669.1125 (mobile)

215.731.2000, ext. 207 (office)

Richard Oller

GoldOller Aria Associates LP

215-267-322-5600

Roller@RichardOller.com