Download The Beury Portfolio

Presenting
The Beury Portfolio
Inquiries: Imar L. Hutchins, Esq.
(212) 926-8400
Executive Summary
We are pleased to offer to the market The Beury Portfolio, three prime development
opportunities in North Philadelphia, the flagship of which is the landmark 14-story Beury
Building at the intersection of Broad Street, Erie & Germantown Avenues.
What is The Beury Portfolio?
The Beury Portfolio is comprised of three properties totaling over 250,000 interior square
feet of space on 2.6 urban acres. The Portfolio includes the two largest buildings in the
Broad & Erie Subway Hub/Temple Medical Campus area and almost an entire
contiguous city block nearby. All of the properties will require complete gut-renovation.
The Beury Portfolio is offered at the following price:
The Beury Building:
$3.25 million
1700 Tioga Street:
$1.2 million
The Lippincott Properties: $1.5 million
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Total Beury Portfolio:
$5.95 million
About the Properties
I.
The Beury Building (3701-03 North Broad Street) is a 112,000-square foot, 14story building located at the intersection of Broad Street, Germantown and Erie Avenues
in North Philadelphia. It dominates the skyline of the heavily traveled intersection
known as “Broad and Erie,” is listed on the National Historic Register and previously
opened underground directly into the subway. It is in need of extensive renovation as it
has been a vacant for nearly 20 years.
Originally, the National Bank of North Philadelphia, the building was constructed in
1926 and the National Register calls the building “one of Philadelphia’s more
sophisticated examples of the Art Deco style.” In fact, it is the only Art-Deco building in
Philadelphia outside of downtown. The nearly 10,000 square foot-per-floor footprint is
ideal for ground floor retail with office and/or residential development on the floors
above. It is located one block north of Temple/Shriner’s Hospital.
The Beury Portfolio also includes 3707 North Broad Street, a building in disrepair whose
primary value lies in the land which it occupies—a 3,720 square foot lot adjacent to the
Beury Building which any development plan would likely call for demolishing to create
parking and/or ingress and egress. This package includes elevations and a site plan for
The Beury Building.
II.
1700 Tioga Street (a/k/a Tioga Trust Company Bank Building) is a 45,000
square foot, 8-story building located at the intersection of 17th and Tioga Streets in North
Philadelphia. Located just three blocks east of Temple University’s Hospital and
Medical School Campus, the premises are within walking distance of the subway.
Originally the Tioga Trust Company Bank, the property later became an administration
building affiliated with Temple University Hospital. Before being acquired, the building
sat unoccupied for many years and fell into a state of disrepair. The current owner has
gutted the building and has prepared a schematic design for the proposed “Tioga House”
a 35-unit residential conversion, with ground floor retail opportunity. Attached please
find elevations, a site plan, existing conditions and typical floor plan of the proposed
schematic design.
III.
The Lippincott Properties (a/k/a The Taylor Lock Building Site) is an
approximately two-acre parcel (on 5 separate lots) that comprises almost the entire city
block bounded by Lippincott Street on the north and Clearfield Street on the south,
between 20th and 21st Streets in North Philadelphia (see attached site plan).
The Lippincott Properties are located just off Allegheny Avenue in the heart of the
Allegheny West redevelopment area, and are centerpieces of the planned redevelopment
of the area. Attached is a proposed adaptive re-use redevelopment plan for the premises,
which calls for demolition of most of the block to create parking. The Taylor Lock
Building (approximately 90,000 square feet) and the smaller 20,000 square foot building
to its east, would remain and be renovated. The renovation would create a secure,
dedicated campus containing approximately 110,000 square feet of office, residential
and/or storage space, plus approximately 150 parking spaces.
Terms of Sale
The properties are offered on an “AS-IS” basis. Only cash offers will be considered.
There will be no financing contingencies. The seller will make no representations and
warranties, nor take back any mortgages. Closing must be scheduled within 45 days of
contract.
Contact
Imar L. Hutchins, Esq., attorney for the owner, is the contact person regarding the sale.
Brokers will be protected. Interested parties my contact him as follows:
Imar L. Hutchins, Esq.
740 Saint Nicholas Avenue
New York, NY 10031
Tel: 212-926-8400
Fax: 212-281-5925
Email: [email protected]
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Building and Lot Descriptions:
Beury:
lot size = 94’ x 155’ irregular
land area = 13,623 sf (0.31 acres)
Buildling sf = 112,000
Tioga:
lot size = 93’ x 160’
land area = 14,880 sf (0.34 acres)
Building sf = 45,000
Lippincott:
lot size = 225’ x 380’
land area = 85,500 sf (1.96 acres)
Building sf = 110,000
Total land area = approx. 114,003 (2.6 acres)
Total building sf = approx. 267,000
The Beury Building
The Beury Building viewed from the northwest (Germantown Avenue)
The Beury Building viewed from the North (North Broad Street)
The Beury Building viewed from the South (Broad Street)
The Beury Building viewed from the southwest
The Lippincott Properties
Architect’s rendering of proposed redevelopment of the Lippincott Properties
Architect’s rendering of the interior of the proposed redevelopment. The plan leaves
110,000 sf of interior space intact and creates 150 parking spaces through demolition of
certain structures on the premises and renovation of others (see attached).
1700 Tioga Street