PHILADELPHIA (CBS) — A Philadelphia developer sold a record-breaking piece of real estate in Center City.
Tom Scannapieco, president of Scannapieco Development Corporation is responsible for the city’s single most expensive property.READ MORE: Several People Injured After Tree Falls During West Philadelphia High School Reunion Party At Fairmount Park
“We sold the penthouse at 500 Walnut Street for a record price in Philadelphia. It was $17,850,000,” Scannapieco said.
And it’s not even complete. How do you sell property that’s not yet built?
“We put together a series of renderings that show what it’s going to look like and frankly, you have to have a reputation for doing high quality work.”READ MORE: Encampment Outside University City Townhomes Refuses To Budge, Despite Court Order Demanding Them To Move Out
Scannapieco was the developer of the previous record-breaking Penthouse at 1706 Rittenhouse which sold for a mere $12,500,000.
“It makes Philadelphia be recognized as a city with frankly, international significance,” he told KYW Newsradio.
As for who bought the property, Scannapieco said he cannot answer.MORE NEWS: 3 Women Shot In Brewerytown Were Targeted Due To Instagram Post: Philadelphia Police