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BUSINESS
August 31, 2010 | By Alan J. Heavens, Inquirer Real Estate Writer
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.
BUSINESS
July 12, 2009 | By Alan J. Heavens, Inquirer Real Estate Writer
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...
NEWS
August 31, 2010 | By DAVID GAMBACORTA, gambacd@phillynews.com 215-854-5994
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.
NEWS
August 30, 2010 | By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
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.
NEWS
June 2, 2009 | By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
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.
REAL_ESTATE
November 24, 2013 | By Alan J. Heavens, Inquirer Real Estate Writer
Center City Realtor Allan Domb had everything right but the timing in June 2009, when the 42-story Murano decided to jump-start sales by auctioning 40 of its 178 unsold condominium units. "Maybe," Domb speculated, "the developer is looking at this as a method to stay alive for two years and revisit, hoping that there is a market then at 21st and Market Streets. " The Murano did, indeed, stay alive, but it took more than three years for that market to materialize fully, reaching the point that just 22 of its units - all on the upper floors - remain unsold.
BUSINESS
June 14, 2009 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
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.
BUSINESS
July 12, 2009 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
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...
NEWS
June 3, 2009 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
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.
NEWS
August 25, 2010
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.
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ARTICLES BY DATE
NEWS
July 19, 2015 | By Scott Sturgis, For The Inquirer
2015 Nissan Murano SL AWD: Top student in a class of one? Price: $41,905 as tested (this trim level starts at $38,550; a base front-wheel-drive Murano can be had for $29,560). Marketer's pitch: "It's got form. It's got function. All that's missing is competition. " Conventional wisdom: Nissan's just trying to be weird and edgy. (And bad grammar-y, at least in the marketing department.) Reality: Bottom student, too. Up to date: I hadn't given the Murano a great deal of thought since, like, ever.
NEWS
December 29, 2014 | By Al Haas, For The Inquirer
The words bold and premium have attained prominent places in autodom's marketing mantra. Wherever you turn, there's an emphasis on bold exteriors and premium interiors. At the moment, Toyota is running a big ad campaign that extols the bold persona of the new Camry. Nissan is underscoring for car writers the more premium nature of the new Murano crossover's cabin. Not to be outdone, Kia keyed on both qualities when it showed its redesigned 2016 Sorento crossover at a recent press introduction.
NEWS
December 22, 2014 | By Al Haas, For The Inquirer
When it comes to styling the Murano, Nissan's flagship crossover SUV, no one has ever accused the automaker of erring on the side of conservatism. The Murano has been a fresh and interesting design exercise since its birth early in the millennium. But when it was redesigned for the 2015 model year, it became a bit more than a departure from the generic. It graduated to a walk on the wild side. The new Murano doesn't just push the design envelope. It punches holes in it. Consider, for example, the way the quarter panels protrude upward into the cargo area side windows like shark fins.
REAL_ESTATE
September 28, 2014 | By Diane M. Fiske, For The Inquirer
As you enter Gene and Bonnie Schwartz's 28th-floor condominium at the Murano, first impressions that the building's entrance and halls seem sparse and bare fade away - as intended by developer Peter Shaw, who wanted individual units to outshine the common areas. Instantly, a visitor to the Schwartz home is swept away by a 20-foot span of windows. In one corner, a large brass-and-wood telescope peers out on a view embracing Philadelphia International Airport and Citizens Bank Park and 30th Street Station, and everything between.
REAL_ESTATE
November 24, 2013 | By Alan J. Heavens, Inquirer Real Estate Writer
Center City Realtor Allan Domb had everything right but the timing in June 2009, when the 42-story Murano decided to jump-start sales by auctioning 40 of its 178 unsold condominium units. "Maybe," Domb speculated, "the developer is looking at this as a method to stay alive for two years and revisit, hoping that there is a market then at 21st and Market Streets. " The Murano did, indeed, stay alive, but it took more than three years for that market to materialize fully, reaching the point that just 22 of its units - all on the upper floors - remain unsold.
NEWS
August 31, 2010 | By DAVID GAMBACORTA, gambacd@phillynews.com 215-854-5994
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.
BUSINESS
August 31, 2010 | By Alan J. Heavens, Inquirer Real Estate Writer
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.
NEWS
August 30, 2010 | By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
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.
NEWS
August 25, 2010
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.
NEWS
June 27, 2010 | By Michael Matza, Inquirer Staff Writer
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.
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