Post Bros. Co., the Philadelphia firm owned by brothers Michael and Matthew Pestronk, agreed to pay $51 million for the 1,030-unit, 4-tower Presidential City Apartments complex, 3900 City Ave. overlooking the Schuylkill Expressway.
Gebroe-Hammer Associates' Joseph Brecher and Eli Rosen represented the seller, who they wouldn't immediately identify. Tax records show the building was owned by an affiliate of Manhattan-based BLDG Management Inc., which is run by Lloyd Goldman. The seller has kept a lease on the ground-level retail property, according to Gebroe-Hammer.
Post, which has clashed with Philadelphia building trades unions over its past refusal to agree to work with all-union contractors, has been buying up rundown apartment buildings, gutting or renovating them, and jacking up rents. Many apartment investors have been similarly taking advantage of the difficulty working people have had getting mortgages since the banking crisis of 2008.
The Presidential, close to Septa bus and rush-hour train lines, currently charges rents range from $765 per month for a studio apartment to $1,835 for a three-bedroom unit.
Lawyers on the sale included Gary S. Kleinman of Greenberg Traurig for the seller and Anthony J. Colletta of Sullivan & Cromwell LLP for the buyer.