A Common Pleas Court judge Tuesday appointed developer Carl Dranoff receiver for 10 Rittenhouse Square, the mulitmillion-dollar high-rise condo building at 130 S. 18th Street on which senior lender Istar Financial of New York had sought to foreclose.
Judge Albert W. Sheppard Jr. had been seven minutes away from appointing Dranoff receiver on Dec. 30, when Delaware Valley Real Estate Investment Fund - the mezzanine lender that had taken control from developer ARC Wheeler in July - filed for Chapter 11 protection in U.S. Bankruptcy Court for the building, known in the filing as Philadelphia Rittenhouse Developer L.P.
