Reporting Cherri Gregg
By Cherri Gregg
PHILADELPHIA (CBS) - Newly elected Sheriff Jewell Williams will preside over his first mortgage foreclosure sale this morning. A number of those properties have a ritzy addresses.
Nearly 700 properties are listed for foreclosure sale on Tuesday. 129 of those properties are condos, located at 10 Rittenhouse Square. A pricey condominium complex boasting 33 stories and nearly 150 units. The complex was put into receivership last year.
The Sheriff’s Office will sell the units in bulk, in four separate parcels. Carl Dranoff of Dranoff properties was appointed receiver for 10 Rittenhouse last June. Dranoff says iStar Financial is the lender and is expected to purchase the properties at the sale. The combine value of the properties is said to be more than $200 million dollars.