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“You’re getting a call from someone who controls an asset that has no liquidity, and it’s a potential conversion or a piece of land,” Post Brothers co-founder Matthew Pestronk said. “Throw out the lowest number that they won’t be insulted by, say you need this much time to execute, and you’re getting answers of, ‘Huh, let us think about […]
Philadelphia developer Post Brothers bought the older 2100 M St. NW building for a potential residential conversion earlier this year.
While developments like Post Brothers’ $500 million, 1,100-apartment Piazza expansion are nearing completion, dozens of others are kicking off or in the works.
D.C.’s vacancy rate would have risen even higher in the second quarter, per CBRE, had Philadelphia’s Post Brothers not stepped in and paid nearly $67 million for 2100 M St. NW, a 300,000-square-foot office building that will be converted to multifamily. Post Brothers alone is responsible for taking more than 1 million square feet of […]
“Even in this environment, there are buyers of rent-stabilized buildings and lenders who make loans on them, because if the underlying properties are valued at cap rates near today’s interest rates, they would be very safe investments to own as a loan or as real estate in the case the loans are not performing,” Matt […]
While the commercial real estate industry has been under pressure amid rising rents and lingering office vacancies, Signature Bank’s portfolio is relatively attractive, said Matt Pestronk, president and co-founder of Post Brothers, a real estate developer based in Philadelphia.
“A slowdown in China is mostly priced into global markets but a real recession of the world’s second-largest economy is not ideal for anyone,” said Matthew Pestronk, president and co-founder of Post Brothers, a Philadelphia-based real estate development firm.
Residential housing delivered a return of 16% from 2010 to 2020, according to a S&P Global Investments report.
Post Brothers CEO Michael Pestronk discusses Mayor Eric Adams’ plan to turn empty NYC office space into affordable housing on ‘Varney & Co.’
Philadelphia’s Post Brothers is converting the Class B Universal Buildings near Dupont Circle into 500 apartments. Office-to-residential conversions, where they work, are an increasingly popular tactic regionwide.
The Post Brothers’ Piazza Alta apartment complex, which recently began renting in Northern Liberties, contains about twice as many units of housing as were planned across all of Delaware County last year.
Matthew Pestronk is co-founder of Post Brothers, a real estate investment, development, and management company with singular and unique expertise in urban real estate development.
“Capital has gotten much more limited,” said Michael Pestronk, CEO of Post Brothers. “We’re able to get financing today. … It is a lot more expensive than it was a year ago.”
The Philadelphia-based Matt and Mike Pestronk, who founded Post Brothers in 2006, entered the D.C. region for the first time last year with a splash, spending $228 million to buy the Universal office complex in the high-end Dupont Circle area, with plans to convert it to 600 apartments. This year, they followed that up with […]
With the rise in vacancy rate, some developers and property owners are shifting toward repurposing outdated office spaces into residential units, as is the case with 2100 M Street NW, which sold to apartment developer Post Brothers for $67 million and is slated to be converted into 300 apartment units.
Matt Pestronk, Co-Founder and President of Post Brothers, details how he and his brother Mike became leaders in the Philadelphia multifamily market.
CEO Michael Pestronk and President Matthew Pestronk sat down with Chris Rising to walk through the history of Post Brothers and review current trends in commercial real estate.
In New York and London, owners of gleaming office towers are walking away from their debt rather than pouring good money after bad. The landlords of downtown San Francisco’s largest mall have abandoned it. A new Hong Kong skyscraper is only a quarter leased.
While dozens of businesses have joined an exodus from San Francisco, one property developer says the California city is ripe with “opportunities.”
Post Brothers recently bought a Washington office building that went for $92.5 million in the fall of 2019 for $67 million, while Clarion Partners is offering a San Francisco office tower for roughly half of what it paid around a decade ago.
Post Brothers CEO Michael Pestronk discusses how local governments can help their property development company repurpose vacant office buildings into apartments.
In March 2022, debuting in Greater Washington, Post Brothers picked up the two mid-20th century office buildings known as Universal North and South, a few blocks north of Dupont Circle, from JBG Smith Properties.
At just under 700 units, Post Brothers’ Piazza Alta is the largest residential development in the United States employing prefabricated light-gauge steel for its walls. The project’s size, and its use of new technology, has earned it a 2023 CoStar Impact Award for multifamily development in Philadelphia, as judged by real estate professionals familiar with […]
Post Brothers scored Philadelphia’s priciest multifamily sale ever last year, a record $357 million, despite a turbulent economy where rising interest rates put the brakes on many other deals.
“I’m finding it’s completely based on tenant demand,” said Mike Pestronk, CEO at Post Brothers, a Philadelphia-based Class A multifamily developer, of the push for landlords to add EV charging stations to their properties. “We’re in the consumer product business. We want to give people what they want. The IRA has lots of good stuff […]
Michael Pestronk, co-founder of the developer Post Brothers, tells Axios that the plans are to convert two 1960s-era towers into apartments — One of the largest projects envisions 600 to 650 units across from the Washington Hilton near Dupont Circle.
Washington, D.C., led the nation in number of units converted from office to residential during 2020 and 2021, according to data from Yardi Matrix. That includes two conversions of old Coast Guard office buildings in Buzzard Point, and several additional conversions have moved forward over the last year. That includes Post Brothers’ 500-plus-unit conversion proposed […]
The centerpiece of the action is a 1,126-unit apartment complex from the Post Brothers, a high-end development that the neighborhood hasn’t previously seen.
Developer Post Brothers is turning 1825-1875 Connecticut Avenue NW into an apartment building called The Geneva. It’s a fitting name for the embassy-filled neighborhood.
One major trend is converting office space to residential units, and the Washington, D.C. region, which reached more than 20 million square feet of vacant office space this year, was a leader in the trend in 2022.
Post Brothers closed on $400M in loans to build the largest residential project in the U.S. to date.
When Post Brothers marketed a huge Philadelphia multifamily complex, it had an ace up its sleeve: A low-cost mortgage that could be passed on to buyers.
As the economy shows signs of weakness, however, investments such as Presidential City are getting a second look because they have high occupancy levels with regular cash flow and the prospect of growing rents at a steady pace, said Mark Thomson, a broker at JLL who represented the apartment complex’s seller, local real-estate developer Post […]
The new episode features an interview with Michael and Matthew Pestronk, co-founder and CEO and co-founder and president, respectively, of Philadelphia-based developers Post Brothers.
Since the firm’s founding in 2006, the developer has been focused exclusively on its hometown of Philadelphia — until now, that is.
In cities like Washington, D.C., office buildings that sold for about $500 a square foot before the pandemic are now selling for $200 a square foot, according to Michael Pestronk, chief executive and co-founder of Post Brothers.
Philadelphia-based Post Brothers, a real estate firm that specializes in residential conversions, has made its first entry into the D.C. market, paying more than $200 million for Universal North and Universal South, at 1825 and 1875 Connecticut Ave. It acquired the buildings from longtime owner JBG Smith.
Major upcoming projects in D.C. include a Post Brothers project in Dupont Circle, purchased for $225 million.
After spending years buying and redeveloping properties in Philadelphia, his Post Brothers is breaking in to Washington D.C. for the first time — in April, it dropped $228 million to buy Universal Building North and South, 1825 and 1875 Connecticut Ave. NW in Adams Morgan. His plan is to convert roughly 700,000 square feet of office space […]
Post Brothers has acquired a duo of neighboring office buildings at 1825 and 1875 Connecticut Ave. NW, known as Universal North and Universal South, the Philadelphia Business Journal reports. Post paid seller JBG Smith $101.5M for the 460K SF Universal North and $102.2M for the 302K SF Universal South for a total purchase price north […]
Post Brothers has acquired a duo of neighboring office buildings at 1825 and 1875 Connecticut Ave. NW, known as Universal North and Universal South, the Philadelphia Business Journal reports. Post paid seller JBG Smith $101.5M for the 460K SF Universal North and $102.2M for the 302K SF Universal South for a total purchase price north […]
Sometime around two years from now, the first phase of a new mixed-use apartment/retail complex will open at the northeast corner of Broad Street and Washington Avenue, where four Greater Center City neighborhoods meet.
If you run into Matt Pestronk — president and co-founder of Post Brothers, a real estate investment, development and management company — it’s best not to use phrases such as “this time it’s different” or “COVID has accelerated everything.” He’s not buying it. Pestronk is bullish on cities and their resilience, and he explains why […]
Post Brothers and Tower Investments have closed $400 million in financing for their 1.9 million-square-foot mixed-use project at Broad Street and Washington Avenue in Philadelphia, Commercial Observer has learned, and have now broken ground on the mega-development.
Philadelphia-based Post Brothers is developing a 1.1 million-square-foot multi-building development in the Northern Liberties neighborhood of Center City Philadelphia.
“There are a few features in this one that really do elevate it,” says Benjamin Cutler, vice president for sales at Post Brothers. “Size being one. It’s the largest by a couple hundred square feet — it’s 5,155 square feet.”
Do you love loft-style city living? Do high ceilings and industrial architecture thrill you? Do you want to live in an apartment that’s convenient to all the great things this city has to offer? Then you want to check out The Poplar. And be sure to bring the kids along.
Post Brothers, a Philadelphia-based multifamily developer, decided to replace entertainment amenities with more coworking space in common areas.
Located along the Gold Coast of New Jersey, commanding stunning views of the Hudson River and New York City, The Duchess offers gorgeous residences for rent along with a collection of modern resident amenities.
Post Brothers is tackling one of the largest multifamily projects currently under development as it continues to transform the Piazza in Philadelphia’s Northern Liberties neighborhood.
Philadelphia real estate investor and developer Post Brothers has nabbed a $165 million debt package from French investment bank Société Générale (SocGen) to refinance The Atlantic, a 22-story residential high-rise in Downtown Philadelphia, Commercial Observer has learned.
In this episode of Common Area Podcast, David Bodamer talks with Matt Pestronk, president and co-founder of Post Brothers: an industry leading multi-family development company that focuses on Class “A” apartment buildings in Philadelphia.
“The enduring appeal of urban living has been made clear: People don’t only live in the city to be close to their jobs and for restaurants and bars. They live in the city for opportunity — opportunity for professional advancement, for personal relationships, and to build off of the collective energy and ideas of others.” […]
Michael Pestronk, chief executive of Post Brothers, a developer of rental buildings in Philadelphia, said that once the pandemic hit, he eliminated movie theaters, game rooms and social-lounging areas to create 3,000 square feet and 10,000 square feet of co-working space, respectively, in two buildings under construction. The first will be completed next month and […]
“When I visited the penthouse where we live, I just fell in love with it,” said Noel, co-owner of NoelSy Art and Beauty hair salon with Kraisoraphong and Betty Lin Sy in nearby Bala Cynwyd. “You can’t really find these spaces and amenities in the city, and the grounds are amazing. It’s like being on […]
The Piazza Terminal will eventually have 1,100 apartments. Most units at the Terminal are the usual one- and two-bedrooms, but Post is so optimistic about Philadelphia’s future that it is now planning a 102-unit project aimed at families.
The Atlantic’s developers, Post Brothers, also installed ATMOS Home, a best-in-class apartment technology system, in its apartments in order to give residents full control over the quality of their home – helping them create the best conditions for their physical (and mental) health. ATMOS can adjust lighting, environ- mental controls, and even the Lutron-powered window […]
For a serene escape, some Philadelphia residents need not travel far. An out-of-this-world pool and spa club is opening in the heart of Northern Liberties this summer. The Cove at The Piazza provides the ultimate escape to Piazza residents—except it’s right outside their doors.
Post Brothers has implemented virtual leasing offices and microsites for each of their apartment communities. Prospects wanting to know more about North Bergen’s The Duchess can tour the property virtually or set up FaceTime sessions with leasing agents.
The Philadelphia Business Journal has once again teamed with Quantum Workplace to identify the region’s Best Places to Work. Our 2020 list includes 90 companies from across Greater Philadelphia, ranked by employee feedback. Nominations were accepted from the public, and employees were asked to complete an online survey conducted by Quantum Workplace. Quantum Workplace employee […]
Rebecca Frisch is the vice president of design at Post Brothers Apartments. Rebecca Frisch designed the interiors of The Atlantic in a way that blends modern amenities with a respect for history of a building constructed in 1922 as oil company headquarters. She was also responsible for pushing the design envelope during Post Brothers’ renovation […]
Episode 7: Sarina Rose, Senior Vice President of Development, Post Brothers Sarina Rose oversees the day-to-day development for all of Post Brothers elaborate projects from start to finish. Sarina focuses on reinventing herself, her contractors, and finding the true “win-win” between all parties involved in a project.
Larry Platt, from The Philadelphia Citizen, caught up with our President Matt Pestronk to discuss how Post Brothers is leading the charge on tackling workforce development and creating more opportunities in local Philadelphia communities. “There will be renewed emphasis to create entrepreneurship and housing within urban neighborhoods that benefits the people there already, while welcoming […]
Thank you to everyone who made this year’s Cheers for CHOP an astounding success! With your help, we raised more than $775,000 to support breakthroughs in pediatric research and care at Children’s Hospital of Philadelphia, and we had a blast doing it, thanks to the entertainment by Philly’s own DJ Jazzy Jeff, as well as the nationally renowned […]
From its start, the Piazza has always stood at the heart of Northern Liberties. Walk into the central square now, though, and you’ll find luxury residences and modern amenities revitalizing the former site of Schmidt’s brewery. The glass-wrapped spaces offer the latest in city living, all at the nexus of one of Philly’s most vibrant neighborhoods. Here’s what […]
Dressing rooms, standalone soaking tubs and saltwater pools aren’t perks typically associated with apartment living — but it’s not fair to call the penthouses at Presidential City simply apartments, either. The luxe suites centrally located on City Avenue in Philadelphia don’t skimp on size or substance, with spacious layouts and unparalleled amenities that would impress both Center […]
Post Brothers partnered with West Poplar neighborhood association, Richard Allen New Generation to bring a more minority workforce to their most recent project, The Poplar. Check out Summer Wood’s story as she went through the program and now on her way to set herself for a long successful career.
Check out The Irvine and the resident spotlight on Nick Gerszi. Dive into why he chose The Irvine, and how his move from California and the Coast Guard started with a brand new apartment in and a brand new city – a true fresh start.
Post Brothers is embarking on the next and final phase of the Piazza in the Northern Liberties neighborhood of Philadelphia with a $500 million development of 1,100 apartments in multiple buildings.
Post Brothers President Matt Pestronk has never shied away from speaking his mind, especially when it comes to the political infrastructure of his hometown of Philadelphia’s policies surrounding development. But he has made just as many waves with his company’s developments in the Philly area and beyond.
With its ambitious projects and outspoken CEO, Post Brothers is one of the more visible development companies in Philadelphia. Senior Vice President of Development Sarina Rose only contributes to one of those factors, but leading market-setting projects like Presidential City and the recently completed Atlantic at Broad and Spruce streets are achievements that prove she deserves a little […]
Is that you, Piazza? The Northern Liberties central square is changing at a whirlwind pace judging by the all-new apartments and amenities popping up in the neighborhood. The total transformation is all part of the Post Brothers’ ongoing mission to make NoLibs a premier place to live in Philly.
This past weekend marked the end of another record-breaking season for a festive Philadelphia tradition called Parks on Tap, a roving beer garden that, combined with additional social activities, showed once again how Philly is serving as a national model for using beer, wine and liquor to drive urban placemaking and fundraising.
At The Atlantic, a 268-unit community in Philadelphia’s Center City, that rent—ranging from $2,095 for a studio to $7,725 for a three-bedroom—includes tech goodies like an iPad installed on the wall of each unit to manage lighting, the Atmos Home automated environmental control system, and Lutron-powered window coverings. While all of that is built into […]
A look at the poshest – and priciest – rental apartment on the market. Looking for “Billionaire’s Row”-style luxury but don’t want to move to Gladwyne or care for a lawn? You can have it right on the Avenue of the Arts for a mere $19,995 per month, no mortgage or long-term commitment required. What’s more, […]
On this week’s episode of Broad Street Brokers, host Ty Martin and WCRE managing principal Jason Wolf are joined by Post Brothers President and co-founder, Matt Pestronk.
On July 31, 2019, Post Brothers Apartments celebrated the opening of The Irvine Apartments which are located in the redeveloped West Philadelphia Warehouse. Guests arrived at the newly redeveloped building where they were greeted by a glass of champange before being whisked to the upper floors to see sample apartments. Afterwards, everyone gathered on the first floor patio […]
Post Brothers President Matt Pestronk believes there’s a small window within every business cycle in which it’s best to cultivate relationships with financiers.
Post Brothers has completed a $30 million conversion of a 100-year-old warehouse in West Philadelphia into apartments. The building at 780 S. 52nd St. near the Baltimore Avenue corridor has 150 units. In 2017, Post Brothers paid $2.4 million for the 115,835-square-foot building that had sat vacant for more than 10 years and moved ahead with […]
A new park just feet away from the Piazza in Northern Liberties will soon feature something for everyone. The park located on Germantown Avenue at N. 2nd Street and owned by Post Brothers, will feature dining, art, civic space, kids and fitness components on 35,000 square feet of outdoor space. “When we purchased The Piazza […]
Post Brothers purchased The Piazza in 2017 and will begin their complete overhaul of the 80,000 square foot site starting with renovating units, adding a lux pool & fitness club, & bring in new retail and restaurants that fit better with the Northern Liberties neighborhood.
The Post Brothers specialize in buying rundown apartment buildings and bringing them upmarket. This usually involves adding amenities to make the renovated apartments more attractive to tenants.
Get a first look at The Atlantic Building located on 1401 Spruce Street. Starchitect Rafael Viñoly adds a historic conversion to his portfolio of Philadelphia projects.
We are proud to announce that Post Brothers CEO Mike Pestronk has been selected as one of the Most Admired CEOs by the Philadelphia Business Journal. The notable honorees of this annual award come from companies across various industries throughout the greater Philadelphia area, and are evaluated on their leadership skills, professional and personal accomplishments, […]
We are excited to announce that our Presidential City property has won two ABC Eastern Pennsylvania Chapter Awards of Excellence for 2018: First Place for the Excellence In Construction Award for Best Restoration/Renovation Over $10 Million, and the Champion of Merit Award. The Excellence in Construction Award recognizes outstanding construction practices in the region, and […]
New restaurants have arrived at our Hamilton Court apartments. The ground floor retail level will now offer Philly-favorite Steve’s Prince of Steaks, Halal Guys, I-CE-NY Philly, Bonchon, Tea Do and Creamery Cafe ice cream shop to the public, but particularly to our large population of University of Pennsylvania and Drexel University attendees.
We are proud to announce that Yvette Stewart-Glimp, our vice president of property management, has been named among Philadelphia Business Journal’s Women of Distinction 2018. The annual list recognizes 35 influential business women from all industries in the Philadelphia area with outstanding achievements, both in their profession and within their community.
The opportunity-seeking duo have a knack for finding diamonds in the rough, polishing them, then marketing them with a flair for showmanship. From their beginnings in Germantown in the mid-2000s, the actual brothers behind Post Brothers, Matt and Mike Pestronk, have had a bloodhound’s ability to pick up the scent of an apartment building that wasn’t living up […]
“They made a great buy and did a good job, but I think they knew the property could be more than it is today,” Mike Pestronk, chief executive officer of Post Brothers, said of the Kushner-Oaktree partnership. “Over time, they came to realize that they could use a local partner with a little bit more […]
The Philadelphia real estate company is involved in a transaction that will give it a controlling interest in the mixed-use community that has defined the Northern Liberties neighborhood since it was developed in 2009.
We are proud to announce that Presidential City has been chosen by the Mid Atlantic Real Estate Journal as the Best Historic Preservation Project of 2017. As Philadelphia’s largest residential redevelopment project, Presidential City underwent a $100 million renovation and is now a thriving rental community that rivals the most upscale rental properties in Center […]
New York-based blogger The Bergen Skinny joined us for our grand opening event at The Duchess, and fell in love with the building. The spacious apartments with walk-in closets and NYC skyline-views did not disappoint. Check out her rundown from the event, and review of the building.
Jersey’s go-to blog Hoboken Girl gives the overview of The Duchess, North Bergen’s hottest rental community. The spacious homes boast skyline views and top-of-the-line finishes and appliances, complimented by a generous amenity package. Check out what Hoboken Girl had to say about The Duchess after their tour.
NJ.COM came to our opening event at The Duchess and we gave them an exclusive tour. Check out their photo gallery of our model residences, amenities and stunning city views.
Post Brother’s Zak Klinvex was named one of Mid Atlantic Real Estate Journal‘s 30 Under 30 for his work on The Atlantic financing deal. Check out what Zak had to say about working in real estate and his biggest influences in his career thus far.
Highly amenitized buildings are popping up all over Philadelphia, capitalizing on the super-luxe trend that’s hit New York City, Miami and Los Angeles. From fire pits and lounge areas with flat screen TVs, to year-round swimming pools, saunas, and gyms with every fitness option available – these aren’t your standard building amenities.
Post Brothers have officially closed on the purchase of The Duchess in Edgewater, NJ. The multifamily residential project features Situated adjacent to Hackensack Hospital, The Duchess offers a mix of studio and one-, two- and three-bedroom homes with interior design by Paris Forino. This acquisition marks Post Brothers’ first project outside of Philadelphia, and signals […]
The Post Brothers have announced the completion of The Adams, the fourth and final apartment tower at Philadelphia’s Presidential City. Comprising 1,000 apartments, The Adams milestone marks the completion of the largest redevelopment residential project in the city, which the Post Brothers began in 2014. At the heart of the massive apartment complex is the […]
Post Brothers received Grand status recognition from the Multi Family Executive Awards for best renovation for the $120 million repositioning/redevelopment of Presidential City. The successful initiative was the single largest residential redevelopment in the Philadelphia region.
We are honored to be named one of the Philadelphia Business Journal‘s Best Places to work in 2017. We have a great team and are proud of the work they do in Philadelphia and the Northeast.
Mike Pestronk takes FOX 29 on a tour of Presidential City to show off the transformation that Post Brothers has achieved with its renovations. From the graciously-sized penthouses to Sora pool club, the complex’s much lauded year-round outdoor pool and lounge area, it’s easy to see why Presidential City has been such a success.
We are proud to have been included in the Best Real Estate Deals of 2016 for Presidential City, the largest residential redevelopment in the Philadelphia area.
Post Brothers has tapped celebrated French architect Philippe Maidenberg to design the lobby and model residences at the fourth and last tower to be rebuilt at Presidential City.