Last week we told you that Interior Concepts at 1701 E. Passyunk Ave. is planning to close. While some were skeptical about about the validity of the “store closing” signs, some sources tell us that the building has been sold.
According to Interior Concepts’ owner, Mark Leon, the building was sold about two months ago and that he plans to close in May. So how much did this prime location on East Passyunk Avenue sell for?
This building was previously listed on the market for $2.9 million in 2014, and real estate records show it was pulled off the market in January after a final listing of $2.2 million. According to one of our sources, it is rumored to have sold for about $2.3 million. The 3 building package next to Interior Concepts, including the dollar store and the recently-opened sneaker boutique, sold for $765,000 back in May.
Leon didn’t have much information about the plans for the space. When we wrote about the listing last year, the listing tried to make a case for what seemed like a pretty high price:
Situated in the best possible location in East Passyunk, this building sits on a lot that is 6,716 sq. ft. and is zoned CMX-2.5 allowing for building heights of 55 feet. The current building has over 57 feet of window frontage on this bustling section of Passyunk Ave. spanning over three addresses and also has a depth of 116’ feet on Morris St.
The listing said you could have four 2,700 square foot houses on the lot, plus plenty of room for an apartment building with retail spaces and rentals facing the corner.
The city’s property records have not been updated to reflect a purchase, so we don’t have too much additional information at this time. We’ll keep you posted.
Now on to that other prime corner building at 12th and Passyunk: A Man’s Image, which went on the market for a rental in January. That store plans to relocate once they find a tenant.