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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.
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 the second in December of next year, he said.
Read more at Mansion Global / Wall Street Journal