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.
“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.”
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.