Murano

Fifty-one early buyers of condominium units at the 43-story Murano at 21st and Market Streets in Center City accused the building's developer Monday of inflating sales figures to boost unit prices. In a lawsuit, the owners accuse Los Angeles-based Thomas Properties Inc., as well as real estate agents and others, "of misstatements and lies about the level of sales at the Murano, along with other misinformation about the property and the units, from the beginning of marketing in 2005 through August 2009.

Oh, how people just couldn't wait to get into the Murano! The shimmering 43-story Center City condominium tower attracted folks from far and wide as soon as it was first marketed in 2005. The only problem? Thomas Properties Inc., the developer of the Murano, lied almost from the start to buyers, bankers and others about the actual number of condos that had been sold, according to a lawsuit filed in Common Pleas Court yesterday on behalf of 51 current condo owners. The developer, real-estate agents and others routinely told prospective buyers that 70 percent of the units had been presold, creating the false impression that the condos were in high demand, according to the lawsuit, which was filed by attorneys Andrew Chirls and Lauren Cates, of Haines & Associates . "The value of a unit . . . is higher if and when the developer has sold more units," the attorneys contend in the lawsuit.

Murano's recent auction was billed by some as a fire sale: new luxury condos with minimum asking bids half their original list price. Three weeks of hype for the June 27 sale seemed necessary given a second quarter in which more sales contracts for new condos were canceled in the Philadelphia region than consummated, according to Delta Associates of Alexandria, Va. In 105 minutes, there were agreements for 42 of the 178 units at 21st and...

Fifty-one early buyers of condominium units at the 43-story Murano at 21st and Market Streets in Center City accused the building's developer Monday of inflating sales figures to boost unit prices. In a lawsuit, the owners accuse Los Angeles-based Thomas Properties Inc., as well as real estate agents and others, "of misstatements and lies about the level of sales at the Murano, along with other misinformation about the property and the units, from the beginning of marketing in 2005 through August 2009.

Price break on luxury condos in striking glass tower in Center City. Best offers over $250,000 considered. That's the strategy for moving 40 of the 178 units still unsold at the Murano at 21st and Market Streets, to be sold at auction for sums 50 percent below their original list price later this month. Take the 1,405-square-foot, 23d-floor unit originally listed at $995,000. It could go for $485,000, less than what it would cost to build today, said Jon Gollinger, president of Accelerated Marketing Partners, of Boston, which is handling the sale for Murano's developer, Thomas Properties Group Inc. "These are preposterous numbers," Gollinger said of the prices, which are based on his analysis of the Philadelphia high-rise condo market.

There are about 2,000 new and existing condominiums for sale in Philadelphia's downtown market, but the ones getting the most attention are at the Murano - the glass-wrapped, 43-story building at 21st and Market Streets. In a housing market that is hardly sizzling, Murano's developer has an idea: Auction 40 of the unsold units for prices that could be 50 percent below the original list prices. Of course, the developer, Thomas Properties Group Inc., also has an issue: It has sold 112 units and has 12 others under agreement, but 178 units haven't moved since the building opened in mid-2008.

Murano's recent auction was billed by some as a fire sale: new luxury condos with minimum asking bids half their original list price. Three weeks of hype for the June 27 sale seemed necessary given a second quarter in which more sales contracts for new condos were canceled in the Philadelphia region than consummated, according to Delta Associates of Alexandria, Va. In 105 minutes, there were agreements for 42 of the 178 units at 21st and...

For the second time in less than a year, units at a major Center City condominium building will be offered at auction. Thirty-six condos at the Phoenix, 1600-18 Arch St., are set to go on the block April 29: 18 one-bedroom/one-bath units; 16 units with one bedroom plus den and 1 1/2 or two baths, and two two-bedroom-plus-den/two-bath units. Minimum reserve prices will range from $185,000 to $415,000. Some of the condos are unfinished, but will be completed for closing. In June, 42 units were sold at auction at the Murano, the bluish glass-and-steel high-rise at 21st and Market Streets.

Price break on luxury condos in striking glass tower in Center City. Best offers over $250,000 considered. That's the strategy for moving 40 of the 178 units still unsold at the Murano at 21st and Market Streets, to be sold at auction for sums 50 percent below their original list price later this month. Take the 1,405-square-foot, 23d-floor unit originally listed at $995,000. It could go for $485,000, less than what it would cost to build today, said Jon Gollinger, president of Accelerated Marketing Partners, of Boston, which is handling the sale for Murano's developer, Thomas Properties Group Inc. "These are preposterous numbers," Gollinger said of the prices, which are based on his analysis of the Philadelphia high-rise condo market.

Thomas Properties Group of Los Angeles, which owns Commerce Square at 2001 and 2005 Market St., has agreed to joint ownership of the 41-story twin office towers with Brandywine Realty Trust of Philadelphia. The towers are made up of 1.9 million square feet of Class A office space. In return for $25 million of preferred equity to the partnerships, Brandywine will become a 25 percent limited partner in both properties. Thomas is also the developer of the residential condo tower Murano at 21st and Market Streets.

Oh, how people just couldn't wait to get into the Murano! The shimmering 43-story Center City condominium tower attracted folks from far and wide as soon as it was first marketed in 2005. The only problem? Thomas Properties Inc., the developer of the Murano, lied almost from the start to buyers, bankers and others about the actual number of condos that had been sold, according to a lawsuit filed in Common Pleas Court yesterday on behalf of 51 current condo owners. The developer, real-estate agents and others routinely told prospective buyers that 70 percent of the units had been presold, creating the false impression that the condos were in high demand, according to the lawsuit, which was filed by attorneys Andrew Chirls and Lauren Cates, of Haines & Associates . "The value of a unit . . . is higher if and when the developer has sold more units," the attorneys contend in the lawsuit.

Fifty-one early buyers of condominium units at the 43-story Murano at 21st and Market Streets in Center City accused the building's developer Monday of inflating sales figures to boost unit prices. In a lawsuit, the owners accuse Los Angeles-based Thomas Properties Inc., as well as real estate agents and others, "of misstatements and lies about the level of sales at the Murano, along with other misinformation about the property and the units, from the beginning of marketing in 2005 through August 2009.

Fifty-one early buyers of condominium units at the 43-story Murano at 21st and Market Streets in Center City accused the building's developer Monday of inflating sales figures to boost unit prices. In a lawsuit, the owners accuse Los Angeles-based Thomas Properties Inc., as well as real estate agents and others, "of misstatements and lies about the level of sales at the Murano, along with other misinformation about the property and the units, from the beginning of marketing in 2005 through August 2009.

Thomas Properties Group of Los Angeles, which owns Commerce Square at 2001 and 2005 Market St., has agreed to joint ownership of the 41-story twin office towers with Brandywine Realty Trust of Philadelphia. The towers are made up of 1.9 million square feet of Class A office space. In return for $25 million of preferred equity to the partnerships, Brandywine will become a 25 percent limited partner in both properties. Thomas is also the developer of the residential condo tower Murano at 21st and Market Streets.

Shelley Weber was mesmerized. "It's just dreamy," she said, peeling off her sunglasses to get a better look at the crystalline-blue canvas titled "Underwater Diver. " Artist Jeannie Maddox's depiction of a woman surfacing gracefully through a cloud of exhaled bubbles simply stopped Weber, of Bryn Mawr, and her interior designer, Judy Rohtbart, in their tracks. It was perfect, they concluded, for Weber's beach house in Cape May. Amid the 275 painters, sculptors, jewelers, photographers, and fiber artists whose works are on display through 6 p.m. Sunday at the Manayunk Arts Festival, the work of Maddox, of Dothan, Ala., tended to draw special appreciation.

For the second time in less than a year, units at a major Center City condominium building will be offered at auction. Thirty-six condos at the Phoenix, 1600-18 Arch St., are set to go on the block April 29: 18 one-bedroom/one-bath units; 16 units with one bedroom plus den and 1 1/2 or two baths, and two two-bedroom-plus-den/two-bath units. Minimum reserve prices will range from $185,000 to $415,000. Some of the condos are unfinished, but will be completed for closing. In June, 42 units were sold at auction at the Murano, the bluish glass-and-steel high-rise at 21st and Market Streets.

For the second time in less than a year, units at a major Center City condominium building will be offered at auction. Thirty-six condos at the Phoenix, 1600-18 Arch St., are set to go on the block April 29: 18 one-bedroom/one-bath units; 16 units with one bedroom plus den and 1 1/2 or two baths, and two two-bedroom-plus-den/two-bath units. Minimum reserve prices will range from $185,000 to $415,000. Some of the condos are unfinished, but will be completed for closing. In June, 42 units were sold at auction at the Murano, the bluish glass-and-steel high-rise at 21st and Market Streets.

Murano's recent auction was billed by some as a fire sale: new luxury condos with minimum asking bids half their original list price. Three weeks of hype for the June 27 sale seemed necessary given a second quarter in which more sales contracts for new condos were canceled in the Philadelphia region than consummated, according to Delta Associates of Alexandria, Va. In 105 minutes, there were agreements for 42 of the 178 units at 21st and...

Murano's recent auction was billed by some as a fire sale: new luxury condos with minimum asking bids half their original list price. Three weeks of hype for the June 27 sale seemed necessary given a second quarter in which more sales contracts for new condos were canceled in the Philadelphia region than consummated, according to Delta Associates of Alexandria, Va. In 105 minutes, there were agreements for 42 of the 178 units at 21st and...

With her heart racing, Peggy Seltzer, a nurse at Children's Hospital of Philadelphia, had her game face on at yesterday's auction of 40 luxury condos at the Murano. As soon as the one-bedroom, one-bath unit appeared on two screens at the front, Seltzer's eyes lit up. Auctioneer Ken Cullum started with a minimum bid of $275,000, or 59 percent of the unit's original listing price of $465,000. Over the next minute inside the highly charged Westin Philadelphia ballroom, the price climbed: $300,000, $325,000, $350,000, $355,000.