Encore for Aria

November 5, 2009

New owner offers opportunities to purchase the condominiums, many at 30% lower than original 2008 prices

PHILADELPHIA, Nov. 5 /PRNewswire/ -- Condominium sales will resume this month at Aria, the 33-story, 114 unit building at 1425 Locust Street in Philadelphia. The Aria's new owner, Richard Oller, Chairman of GoldOller Associates, announced today that he intends to sell the one, two and three bedroom homes at newly reduced prices. "It's a value proposition," he said. "Excellent location, luxury finishes, affordable prices, make homeownership in this building compelling."

The building was one of Philadelphia's first high-rise office towers, formerly known as the Lewis Tower Building. In 2006 it was converted into luxury condos at an estimated cost of more than $40 million. About 50 condominiums were sold before December 2008. But sales stopped when the property was placed into receivership.

GoldOller purchased the mortgage and note from Istar in September 2009 and successfully bid in its interest to acquire the title to the real estate at a sheriff sale held on November 3. The price paid by GoldOller for the note and mortgage was not disclosed however the mortgage due to Istar exceeded $23 million.

According to Oller, the Aria is essentially a brand new building. It was completely rebuilt from top to bottom with new systems and high-end finishes. Condominiums range in size from 800 sq. ft. one bedrooms, to 2600 square foot full floor penthouses. Gourmet kitchens include custom granite counter tops, Viking appliances and all-gas cooking. Bathrooms are appointed with surround marble tubs, seamless glass showers and custom sinks and vanities. All condominiums have wonderful light and windows and many enjoy exceptional river-to-river views. "The intangible amenity is great neighbors," Oller says. "Half of the residences are already owner-occupied and there is a vibrant, community of friends and neighbors anxious to welcome newcomers."

Oller, 55, is no stranger to the Philadelphia real estate landscape. An area native, he began his career practicing real estate law at Blank Rome. In 1985 he formed the Wentworth Group, a real estate management firm, specializing in condominiums and homeownership communities. He grew Wentworth to become one of the largest residential management firms in the United States. In 2002 Oller sold his interest in Wentworth. With his partner Jeffrey Goldstein, a New York based entrepreneur, GoldOller was formed.

GoldOller affiliates include Multifamily Management Services Inc, which manages more than 30,000 apartment units, Madison Parke LLC, which provides condominium management and marketing for the ultra-luxury Residences at Two Liberty Place, and the Condo Shop, Inc, a growing chain of boutique real estate brokerage firms.

"I am bullish on Center City Philadelphia and very excited about the Aria which is at the epicenter of it all. We haven't reopened the sales center yet and already 20% of our units are committed to buyers. Philadelphians appreciate real value," Oller said.

For more information, please call 215-545-1577.

SOURCE GoldOller Associates